Multilateralism and trade
The world is interdependent and interconnected. Globalization has resulted in rapid change, creating both challenges and opportunities. Tackling the common challenges facing humanity and harnessing opportunities require collective action. A strong multilateral trading system is more important now than ever as the world builds back from the economic impact of the COVID-19COVID-19 is an infectious disease caused by the strain of coronavirus SARS-CoV-2 discovered in December 2019. Coronaviruses are a large family of viruses which may cause illness in animals or humans. In humans, several coronaviruses are known to cause respiratory infections ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). The most recently discovered coronavirus causes coronavirus disease COVID-19 -—
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—-. pandemicCommonly described by the WHO as ‘the worldwide spread of a new disease’, no strict definition is provided. In 2009, they set out the basic requirements for a pandemic: • New virus emerges in humans
• Minimal or no population immunity
• Causes serious illness; high morbidity/mortality
• Spreads easily from person to person
• Global outbreak of disease.
The US Centre for Disease Control uses a similar approach, but with a reduced set of criteria. It is very difficult to gauge whether the spread of a disease should be termed an outbreak, epidemic or pandemic. In other words, when to declare a pandemic isn’t a black and white decision -—
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—-.. Trade is an important engine for inclusive economic growth, sustainable development, and poverty reduction. These goals were stated in the UNCTAD Bridgetown Covenant -—
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—-, and global progress towards them is reviewed in the following sections based on SDGSustainable Development Goal indicators and other official statistics:
- Economic transformation and progress towards the SDGs through trade
- Tackling global inequality through collaborative trade
- Trade – a key ingredient to food security
References
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