The first is the nature of trade during the crisis and the second is the dramatic decline in global trade and employment. However, what is most critical is that the global crisis has focused attention on the required changes in the multilateral trade order. The current trade crisis is completely exogenous, driven by government action and the fear of the unknown which has separated buyers from sellers. Consequently, global trade will also decline by about 15% in the second quarter of 2020. Second, since about 2008, global merchandise trade has reached its peak as a share of global trade (around 60%) and the growing segment is now trade in services.

Source: Hindustan Times November 16, 2020 14:08 UTC