Executive summary Although geopolitics has always influenced global trade, the scale and speed of today’s shifts signify a more profound transformation. Specifically, the global order underpinning trade, notably the rules, alliances and systems that have governed exchange for decades, is being actively rewritten. Yet one truth remains constant: the global economy thrives the most when some level of stability and direction is present. As the world fragments and rebuilds, the critical question becomes: how can trade remain stable, connected and resilient? Technology offers part of the answer. The modern integration of digital infrastructure across every layer of the trading system has allowed global commerce to transform from a series of transactions into an interconnected, adaptive network capable of withstanding disruption. From smart logistics to digital trade finance, technology enables visibility, trust and agility across borders, helping global trade evolve even in turbulent times. Concrete examples throughout the report demonstrate how emerging technologies are already enabling new efficiencies and inclusion across the trade ecosystem, such as: –Agentic artificial intelligence (AI) and intelligent assistants empowering small and medium-sized enterprises (SMEs) to compete globally –Digital trade finance platforms widening access to liquidity and accelerating time-to-cash –Blockchain and digital documentation tools strengthening compliance –The internet of things (IoT), data platforms and digital twins increasing transparency and predictability across complex supply chainsHowever, technology alone cannot safeguard the system it powers. As digital infrastructure becomes a bargaining chip in geopolitical competition, relying on technology as the sole solution risks deepening vulnerability. Thus, resilient trade requires more than innovation; it requires strong governance, collaboration and human capability. This report introduces a new way to visualize this relationship: the tradetech stack. The tradetech stack illustrates how institutions, technology and the people who drive them interact as a living framework, one that is constantly evolving to remain effective. However, unlike the role of governments, international organizations or enterprises, in the tradetech stack, technology is not a fixed layer; it is a dynamic tool that connects every single individual and institution. It is the connecting fabric of trade. Thus, to ensure that trade remains stable, technology must be enabled. This year’s analysis highlights three reinforcing pillars essential to strengthening the connecting fabric of global trade: 1 Collaborative governance 2 Cross-layer partnerships 3 Human capacity Ultimately, the resilience of technology amid geopolitical shifts depends not only on digital innovation but on human collaboration. By reinforcing both the digital and human layers of the global trading system, technology, as an integral part of the tradetech stack, provides a pathway towards a more inclusive, efficient and adaptive era of global commerce.In an era of geopolitical fracture, the future of trade depends on how technology connects, protects and endures. The TradeTech Paradox: Connectivity Amid Fragmentation 4

The TradeTech Paradox Connectivity Amid Fragmentation 2026