Trade Policy for Resilient, Inclusive, and Sustainable Development in a New International Economic Order

The global economic order, which has been characterized by multilateral action since 1947, is facing increasing challenges, due both to changing global trade dynamics and the COVID-19 pandemic. In spite of this turbulent time for trade, the world is more connected than ever before, and the pandemic has highlighted the importance of rethinking the structure and substance of international trade law to build resilience and sustainability within and among economies. While a number of critical issues remain on the table – namely dispute settlement reform, improved trade facilitation, strengthened supply chains, investment rules, subsidies disciplines, digital services, trade and environment, labor rights, and gender – many of these are taking on new dimensions in the context of the pandemic. In addition, the current global health crisis is underscoring the need for greener, decarbonized, and more circular economies, along with renewed focus on health and intellectual property (IP) regulation, food security, and better tailored trade policies to address poverty and inequality. In light of these shifting dynamics in the international trade regime, this article highlights the need for an improved model for trade rules and agreements in line with the Sustainable Development Goals (SDGs)