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ARTICLE · 21 MAY 2020

The Stakes Are High In Global Trade, And Canada Should Help

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As the global economy is buffeted by the fallout from the COVID-19 crisis, predictions of what it means for the future abound.

CanadaInternational Law
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As the global economy is buffeted by the fallout from the COVID-19 crisis, predictions of what it means for the future abound. Some argue that the regulation of global trade, including its institutions, requires a paradigm shift. Others contend that change must be carefully measured and neither disregard the benevolent intentions of liberalized trade, nor abandon hard-earned benefits. As a country that depends on international trade for our prosperity, the stakes for Canada are alarmingly high.

In April, the World Trade Organization (WTO) reported that "World merchandise trade is set to plummet by between 13 and 32% in 2020 due to the COVID-19 pandemic." By late April, some 76 countries had put in place 118 measures to restrict exports of various medical products and many countries had restricted the export of agricultural and food products despite no evidence of imminent food shortages.

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