Conclusions: The Future of Trade Policy in the Not So United World

Abstract

The objectives of increasingly free trade and broad trade agreements are not easily maintained amidst rising protectionism and megatrends such as increasing digitalisation and multipolarity of economic power. Moreover, the recent disruptions in international business and global value chains, particularly due to COVID-19 pandemic and the Russian invasion in Ukraine, put the achievements of globalisation to test and bring to surface new voices questioning even the liberal worldview, both of which have been favored and taken almost for granted in western economies. The chapters of this book comprehensively illustrate and explain the global trade policy evolvement and its implications to international business. Given the increasing number of values and priorities involved in policymaking, we see that trade policy formation is becoming increasingly challenging, complicating also the predictability of international business environment. While trade policy has been considered a rather distant issue to businesses focusing on their daily operations, particularly in the western, open economies, the policy impact on business is increasing, requiring new, strategic preparation and farsighted orientation from companies of various sizes. Some of us might receive these eye-opening times with disappointment, yet they should be seen as a stepping-stone to something new.