Global trade has been expanding more slowly since the 2008 global financial crisis, and US-China trade tensions have created fresh uncertainties. However, those who fear that disputes between the world’s two biggest exporters will sound the death knell for trade are missing the bigger picture. Trade is a key driver of economic growth, so we must get it right.
The risk of disruption in global trade is real — and would be very damaging for the world economy. But if we look at what is going on away from the China-US axis, there is good news.
A new study by Standard Chartered, Trade20, shows that a wide range of economies in Asia-Pacific, Africa and the Middle East have significantly improved their potential for trade growth by opening up their markets, diversifying their exports, improving their economic dynamism, and strengthening their physical and digital infrastructure.