Global trade has proved resilient amid rising protectionism and geopolitical tension, leavened by regional integration and new trade agreements.

After decades of steady expansion that powered global growth and lifted millions out of poverty, the system underpinning cross-border trade has come under strain. Even before the eruption of trade tensions between major economies earlier this year, trade-restrictive measures had reached unprecedented levels. Today, the combination of pandemic-era supply-chain disruptions, resurgent protectionism, and intensifying geopolitical tensions has created a far more uncertain environment for global trade.

Yet trade growth has proved remarkably resilient so far this year. At the same time, many countries have recognised the need for deeper integration and have launched new trade agreements — particularly among emerging-market and developing economies (EMDEs), which continue to pursue a more active role in shaping the future of global trade.