At the time of writing, international trade is in deep crisis as a result of the COVID-19 pandemic and this calamity’s impact on the global economy. In September 2020, it was estimated that in 2020 international trade in goods would, in volume terms, be 9.2 per cent lower than in 2019, and this estimate is subject to much uncertainty since it depends on the unpredictable trajectory of the COVID-19 pandemic and government responses to it. It is important to note, however, that international trade, and the multilateral trading system that facilitates it, was in crisis before anyone had heard of the COVID-19 virus. Already, in 2019, global trade in goods declined and growth in trade in commercial services was paltry compared with preceding years.
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