Globalization is under threat. Even before the pandemic, globalization was already struggling due to years of stagnation in trade growth and uncertainties at the World Trade Organization (WTO) due to US-China trade tensions. Covid-19 was another blow to the system. And the early departure of the WTO Director-General doesn’t help.
Yet, international trade is critical to economic recovery. This is especially true for digital trade.
As the physical movement of goods and people is restricted, digital trade has played a crucial role in keeping trade flowing – virtually. From cross-border e-commerce and digital payments, to teleconferencing with business partners around the world, to replacing physical documents with electronic records, digitally enabled transactions in goods and services is more important than ever.
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