Policy Challenges in International Trade Amidst COVID-19 Recovery: The Need for Greater Economic Cooperation and Coordination of States’ Economic Policies

Abstract

Since the emergence of COVID-19 pandemic, there have been growing concerns about the policy measures that states have continued to adopt in pursuit of a resilient recovery and more importantly, the implications of such policies on the future of international trade. This paper explores some of the international trade policy challenges that have surfaced in states’ COVID-19 strategies. In doing so, this paper will argue that in order to achieve a global economic recovery, there is need for international cooperation and the coordination of states’ economic policies. This recommendation is based on a systematic analysis of the policy measures adopted by states during past economic crises and an evaluation of the applicability of those measures in combating the current COVID-19 pandemic. The WTO has a significant role in this, by ensuring that trade rules are not exploited for strictly protectionist agendas and by guaranteeing that trade restrictive barriers do not impinge on supply chains and production capacities of affordable and essential products.

Keywords: : International Trade, COVID-19, Competition Policies, Economic Cooperation, Policy Coordination, Supply Chain, Trade Restriction, Vaccine Nationalism

JEL Classification: F, F1, F6, L1, L9, O1, O5