Despite the fact that some countries during the crisis introduced food export restrictions, it is still too early to “bury globalization”, RISS expert Mikhail Belyaev believes. The World Trade Organization (WTO) estimates that world merchandise trade volume will decline by 32% or by 13% respectively under the pessimistic and optimistic scenarios.
The WTO believes that protectionist sentiment is not acceptable during the crisis, as it negatively affects the global economy. As globalization continues, supply chain efficiencies become more optimized, so it seems very undesirable to change this. Moreover, the global trade has a very important role, as this is how countries support each other's economies.
RISS expert noted that joint efforts and globalization are necessary to overcome the crisis consequences and large-scale damage caused by increasing natural disasters. “We are talking not only about the current coronavirus pandemic and the recent financial crises, but also about devastating natural disasters including hurricanes, earthquakes, and floods. Only international cooperation can help solve these problems, not protectionism. Restrictions on medical supplies are absolutely unacceptable,” he underscored.
“Finally, during the period of digitalization and intellectual progress, it is important to exchange ideas that will help countries to make scientific, technological, and socio-economic progress. World trade is not a magic pill that fixes any situation, but it can help countries to solve their problems in various spheres,” Belyaev concluded.