Ever since the COVID-19 pandemic began in March 2020, the world’s economy has been in tatters due to the resulting health and economic shocks. To deal with the pandemic, countries around the world imposed strict lockdowns on the movement of people, on international travel, and on the transportation of goods and services to minimise the threat to health and safety. This has resulted in many industries and organisations either being shut down or operating at minimum capacity, and the effects are visible globally.
Whether it’s news of the airline industry suffering major losses, millions of people losing their jobs, or small firms permanently going out of business, the impact of the novel coronavirus on our global economy is colossal.
To make matters even worse, many countries find themselves to be over-relying on their trading partners and are now struggling to meet internal customer demands. This trade imbalance and over-reliance issue becomes even more problematic when countries engage in international disputes. Take the recent trade dispute between Australia and China, for example. China has imposed an 80 per cent tariff on barley imports from Australia in retaliation for Canberra’s demand for an independent investigation into the origins of the COVID-19 pandemic.
This Article is written by Suraksha Gupta, Parth Patel and Paresha Sinha and was first Published in The Diplomat. Read the full Article at – https://thediplomat.com/2020/07/globalization-and-trade-in-a-post-pandemic-world-indias-atma-nirbhar-bharat-abhiyaan/