The World Trade Organization said today that the health and economic crisis caused by the COVID-19 pandemic is a stress test for global trade, as it has caused disruptions in supply chains and tensions between countries.
In a report, the World Trade Organization (WTO) noted that the hyper-interconnectedness of the global economy has made the world more vulnerable to shocks such as natural and man-made disasters, but also more resistant to them when they do occur.
The text adds that policies aimed at increasing economic resilience by limiting trade integration, for example reorienting it towards production and promoting self-sufficiency, often have the opposite effect.
The document notes that resilience will require greater global, regional and multilateral cooperation.
According to the World Trade Organization, the epidemic initially caused a sharp contraction in international trade flows, but today supply chains have adapted, goods such as essential medical supplies are flowing across borders and many economies are gradually starting to recover.
He stresses that trade plays a key role in maintaining access to global goods and services. This makes it possible to deal with shocks and switch suppliers when crises disrupt existing supply relationships.
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