As global trade reels from the Ukraine crisis and Covid-19, governments and firms are becoming aware that they need more resilient supply chains
Raising the drawbridge has been a response to war and pestilence throughout human history, and the tumultuous winter of 2022 has similarly led trading nations to turn inward — though talk that the era of globalisation may be winding down seems premature.
“This is not the time to retreat inward,” she told WTO members this week. “This is the time to stress the importance of multilateralism, global solidarity and co-operation.” The Global Trade Alert database of government policies on international commerce says this year has witnessed the most policy changes hitting essential goods since the outbreak of Covid-19, when medical supplies were limited, with 18 countries setting up export controls on food and fertilisers.
“I think it is important that ... we make clear that we are not abandoning our commitment to an open world economy,” he told an event on Monday. Still, Wang Yiwei, director of the Institute of International Affairs at Beijing’s Renmin University, said the Ukraine crisis had exposed Europe’s reliance on Russian energy and would increase its concern about dependence on China.
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