The blame game on trade openness and trade agreements for widening trade deficits, income inequalities and growing unemployment are all but natural domestic reactions. The General Agreement on Tariffs and Trade (GATT) was negotiated in 1947 as a means to reducing barriers to international trade. Future prospectsThe patterns above leave much hope for optimism for global trade in the post-COVID-19 crisis in the collective belief that international trade is vital for development and prosperity, while competition is central to generating competence. Countries that harness technology are expected to dominate international trade in future with a transformational impact on the global economy. Skills upgradation to global standards should form a part of India’s strategy in a post-COVID-19 world.

Source: The Hindu August 10, 2021 18:33 UTC