Every country trades in goods and services. Not only does trade fuel economic growth and provide jobs, it also raises the living standards of citizens.
However, the prolonged Covid-19 pandemic has had a ripple effect throughout global trade and related activities, forcing governments and international organisations to put their heads together to build back a better future.
After the deep slump brought on by the pandemic in the second quarter, global merchandise trade rose 11.6% in the third quarter of 2020 thanks to eased lockdowns and production resumption in electronics, textiles and automotive parts, according to World Trade Organization (WTO) data.
Despite the rebound, the volume of trade between July and September 2020 was still 5.6% lower than in the same period of 2019.
The WTO now estimates that overall trade volume fell 9% in 2020. It predicts 7.2% growth…
