The reshaping of global trade

This chapter shows that, despite difficulties in the global trade policy landscape, global trade flows have been resilient and continue to evolve in a direction that is more sustainable and inclusive. Narratives surrounding the benefits of globalization have turned more sceptical in the past decade. These narratives have started to reflect in global trade as the first policy-driven fractures appear in the system. Yet, the digital revolution continues to promote economic integration by facilitating trade in goods and, even more so, in services. There is still significant potential for trade to contribute further to the growth of the world economy, and to bring further benefits to developing economies via the expansion of global value chains. However, if the untapped potential of new trade flows is to be accessed, policies must remain outward-looking.