Strategies for Re-Globalization Post-Trump and Biden Administrations

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The concept of re-globalization has gained traction as a response to the challenges and disruptions caused by the policies of the Trump and Biden administrations. Here are some potential paths and strategies for re-globalization:

1. Strengthening Multilateral Institutions

Re-globalization efforts should focus on revitalizing and reforming multilateral institutions like the World Trade Organization (WTO). The WTO Public Forum 2024 highlighted the need for more inclusive trade policies that can bring people and places from the margins to the mainstream of the global economy. This involves addressing income gaps between economies and ensuring that trade policies are integrated with broader international and domestic policy frameworks.

2. Enhancing Global Cooperation

The world's "middle countries" need to band together to repair the damage to the global economy. This involves fostering cooperation among nations to address common challenges such as climate change, economic inequality, and geopolitical tensions. The United Nations has identified shifts in production and labor markets, rapid advances in technology, and climate change as key trends that need to be addressed through global cooperation.

3. Promoting Inclusive Trade

A comprehensive strategy is required to enhance trade inclusivity and address income gaps between economies. This includes making trade more inclusive by ensuring that more people benefit from it. The WTO Director-General Ngozi Okonjo-Iweala emphasized that protectionism is not an effective path towards inclusivity and that more and better trade is the way forward.

4. Addressing Geopolitical Tensions

Re-globalization must also address the geopolitical tensions that have arisen, particularly between the United States and China. This involves finding ways to stabilize US-China relations and reduce the risk of conflicts that could disrupt global trade and economic stability. The Biden administration has made efforts to strengthen ties with allies and partners, but there is still a need for a more cohesive global strategy to manage these tensions.

5. Supporting Economic Resilience

The re-globalization agenda should focus on building economic resilience by diversifying supply chains, securing critical infrastructure, and promoting sustainable development. This includes supporting micro, small, and medium enterprises (MSMEs) and ensuring that economic policies are worker-centric and environmentally sustainable.
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6. Leveraging Technological Advancements

Rapid advances in technology are a key trend in globalization. Re-globalization efforts should leverage these advancements to promote innovation and economic growth. This includes embracing digital trade and greening trade to expand the market for environmental goods and services.

7. Reforming Global Governance

The multilateral trading system under the WTO has faced crises of legitimacy and relevance. A reform agenda is needed to ensure that the WTO continues to serve the needs of businesses and the global trading system. This involves writing new rules to address the challenges of inclusivity, climate change, and regional conflicts.

8. Promoting Peace and Stability

The United States and other global leaders need to reaffirm their commitment to peace and stability. This involves addressing conflicts in regions like the Middle East and Ukraine through diplomatic efforts and international cooperation. The Biden administration has made some strides in this area, but there is still a need for a more comprehensive approach to global security and stability.
In summary, re-globalization after the Trump and Biden administrations involves strengthening multilateral institutions, enhancing global cooperation, promoting inclusive trade, addressing geopolitical tensions, supporting economic resilience, leveraging technological advancements, reforming global governance, and promoting peace and stability. These strategies are essential for creating a more inclusive, sustainable, and resilient global economy.