Window of Opportunity

The world is at a standstill as rarely before and yet it is in turmoil. The coronavirus has spread rapidly and led to massive economic collapses. Some pundits are therefore calling for far-reaching economic restrictions - also for the time after the crisis. Some others blame globalization for the fact that the virus has spread at all. Globalization is in danger of becoming the pawn in a heated debate.

A "window of opportunity" that is opening up in the United States is the chance to return to common - not exclusively transatlantic - projects in a liberal spirit after four years of protectionist "America First" policies. This is all the more important as China sets out to shape globalization, especially in the global South and Asia, in ways that liberal democracies cannot agree with. Against this, a strong signal must be sent by states committed to liberal values.

With mercantilist dominance (Silk Road policy), China is creating dependencies that in the long run undermine the spirit of fairness and freedom in the world trade order. In contrast, the West must strengthen transatlantic trade and offer fair opportunities to participate to the countries of the global South. COVID 19 has already caused too much suffering and damage. Fair globalization must not fall victim to the disease as well.

A new blueprint and a strong signal for a new era of globalization with reform ideas for the World Trade Organization is sought. How can such a blueprint look like, what mistakes should not be repeated and how can the West credibly stand up for an inclusive and fair version of globalization in which cooperation and not the law of the jungle applies?