In recent history, globalization has evolved over four major stages: commodity globalization, capital globalization, information globalization and data globalization. As a dominant form of interaction between nation states, international trade is undergoing rapid digitization. As the WTO has lowered the barrier for international trade in the past decades, the emergence of the internet has reduced information asymmetries across countries. These two factors have contributed chiefly to the rapid growth in international trade. According to figures, in 2016, the total global import and export has reached USD 31.15 trillion, is equivalent to the combined GDP of China and the United States. A global trade system with unprecedented size and scope has emerged as a result.