The global trade map after Covid-19

In the wake of rising protectionism over the last half decade, the sudden economic stops wrought by Covid-19, the corollary disruptions of supply chain activity, and shocks to supply and demand, commentators from across the globe have trumpeted the ‘end’ of globalisation. Looking beyond goods, cross-border exchanges of services, as well as flows of finance, and exchanges of human capital have been integral components of the globalised business landscape, critical for building business, profit, and generating returns. For many businesses—even those with a predominantly domestic sales base—have often relied on the process of globalisation in order to create wealth, ultimately translating into boosting economic growth and employment. Will ongoing trade tensions—as well as reactions by governments to onshore production in the wake of the Covid-19 pandemic—actually prove to be the end of the multi-decade process of globalisation as we know it? In terms of solutions, it is important to note that policymakers will also have to do their part, both by implementing domestic policies in order to address socio-economic imbalances within their borders, as well as by reforming the global trading architecture, and by fostering conduits of dialogue and collaboration at a regional and a global level.