Ngozi Okonjo-Iweala on the need to rejuvenate multilateral trade deals

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“Global trade agreements are not only necessary, they are possible,” argues NOIweala in a piece for The Economist

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that global trade is waning has become widely accepted. On the surface, it seems plausible amid a pandemic and talk of decoupling among the leading economies. And the sense of slippage has undeniably been helped by the World Trade Organisation’s struggles to reach multilateral agreements, as a bevy of bilateral and regional deals proliferate to compensate for the gridlock in Geneva.A daily newsletter with the best of our journalismYet the perception is far from reality.

The current supply-chain disruptions are caused by the unexpectedly strong recovery in demand, in concert with many firms initially cutting orders expecting a prolonged downturn and covid-19 and climate related shutdowns slowing a return to normal production levels. Firms and logistics providers are adapting, although changing historically finely-tuned supply chains takes time.

Even more pressing are problems of the global commons, from public health to the oceans and climate. They loom large in people’s daily lives and economic prospects, and need multilateral co-operation: no country can tackle them on its own. Trade policy is an instrument to address these problems but we are not making full use of it. Nor are we making full use of trade as a vehicle for socioeconomic inclusion.

Although regional trade agreements can be building blocks for global rules, some issues—such as subsidies or global-commons challenges—can only be handled multilaterally.

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