Foreign trade has always been the driving force behind economic development. After World War II, the founders of the new international order recognised that multilateral economic cooperation between nations would help rebuild economies and improve relations between states. Trade stabilises the international order because countries that cooperate with each other in the economic field are less prone to conflicts and are more open to the partner’s values. Over time, a model has developed based on the increasingly complex specialisations of national economies and related value chains. These numerous ties and collaborations create a kind of a common global market, although not as integrated as the European one. There are many different barriers and protection measures in the global market as well as mechanisms of competition. According to economist Witold Orłowski, despite these disruptions, the growth rate of global trade before the pandemic was much higher than the growth of global GDP.
Trade-Agreements-TALKS-ABOUT-EUROPE-24.06.2021To read the full report from the Global Trade and Innovation Policy Alliance, please click here.