A growing number of nations around the world are turning to digital technology as they put in place new policies to foster global trade and improve their economic performance.

This is according to a new report from the World Trade Organization (WHO), which found efforts to promote innovation and technological processes are set to have significant implications on the flow of trade.

The WTO's World Trade Report 2020 found that since the financial crisis of 2008-09, 115 countries have implemented new industrial policies and strategies intended to support a transition to a more digital economy. This is true in both developed and developing countries.

Deputy director-general of the WTO Yi Xiaozhun commented: "These policies have increasingly been outward-oriented, in recognition that openness and access to larger markets and increased competition lead companies to innovate. 

"Thus, trade and trade policies have contributed to innovation."

He added the WTO will therefore have a leading role to play in improving certainty for a more digital economy. 

Mr Yi also noted this will involve updating the WTO framework to address the new challenges and demands this creates.