WTO Director-General Ngozi Okonjo-Iweala criticised this trend towards fragmentation of the world trade order as a “wave of protectionism”. The key concept of “secure trade” calls into question the multilateral system of the World Trade Organisation. This pursuit of political convergence in the guise of shifting supplier relationships to states espousing similar values has been taken up in the European context, for example in the European Commission’s Strategic Foresight Report 2022. This, she said, will allow us to “continue to securely extend market access” and “lower the risks to our economy as well as to our trusted trade partners” Yellen’s Canadian counterpart Chrystia Freeland took up her proposal, welcoming friend-shoring as a “ new norm” that “may require some new institutions, some new relationships”. That is the background to the recent recommendation by US Treasury Secretary Janet Yellen to pursue “ friend-shoring” by shifting supply chains to “trusted countries”. Now, staking out spheres of influence and assessing the reliability and trustworthiness of suppliers and countries is the order of the day. The idea of free trade as an intrinsic value falls by the wayside. The further the economic sanctions are expanded, the more strongly trade relations become an instrument of foreign and security policy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |