On Thursday, U.S. Trade Representative Katherine Tam said that instead of attempting to replicate the pre-pandemic trading system.
International trade policymakers should establish one that is more resilient, sustainable, and supportive of greater living standards.
After two years of COVID-19-related disturbances, Tai warned against a retroactive “return to normalcy” in his remarks during a World Economic Forum virtual panel.
It’s time, in Tai’s opinion, to admit that our ultimate objective shouldn’t be to try to return to the world as it was, say, in 2019.
But rather to learn from the painful lessons we’ve learned over the previous two years and use this chance to develop towards something new and improved.
After the pandemic is over, Sultan Ahmed bin Sulayem, head of port company DP World, warned the event that things could take up to two years to return to normal.
Speaking at the same session, Pat Gelsinger, chairman of Intel Corp, stated that the pandemic clearly demonstrated the need for more resilient and diverse supply chains.
In the same manner that stress testing of financial institutions became more effective following the 2008–2009 financial crisis, this should also include their examination for essential components.
He claimed that Intel was working towards a “globally distributed, resilient supply chain where no market is uniquely dependent on any other supply, or any single location.
But there is also always a duplicity of supply chains available across the globe” with the aid of U.S. and European incentives for reshoring of chip manufacturing.
Ngozi Okonjo-Iweala, the director-general of the World Trade Organization, told the event that the current economic disturbances offered a chance to expand supply chains to poor nations that had not profited from earlier waves of globalisation.
According to Okonjo-analysis, Iweala’s “We see changes to Vietnam, Laos, Cambodia, Bangladesh, Ethiopia, and so on.
I call it a form of re-globalizing and exploiting this globalisation and supply chain to alleviate some inequality concerns.”
Ngozi Okonjo-Iweala, the director-general of the World Trade Organization, told the event. That the current economic disturbances offered a chance to expand supply chains to poor nations that had not profited from earlier waves of globalisation.
According to Okonjo-analysis, Iweala’s “We see changes to Vietnam, Laos, Cambodia, Bangladesh, Ethiopia, and so on.
I call it a form of re-globalizing and exploiting this globalisation and supply chain to alleviate some inequality concerns.”
The protectionist measures of the previous government of Donald Trump have been maintained by the Biden administration, which has angered many of its longtime allies, particularly in Europe.
Tai stressed, though, that the US wants to collaborate with partners to create a more equitable global economic system.
She explained to reporters that the issue is that U.S. allies are merely making criticisms rather than developing their own strategies to change the trade system.
