A global rules-based environment that can promote investment, innovation, agility, diversification, and sustainability
Bilateral and multilateral trade agreements contribute to the predictability and transparency of international trades and include commitments by countries to keep their markets open.
However, COVID-19 illustrated that trade and investment agreements did not prevent the introduction of restrictive trade measures and exacerbated the supply chain disruptions in case of crises.
New commitments in international agreements could be considered to reinforce the capacity of supply chains and help prevent the introduction of harmful measures.
For example, different types of export restrictions affected trade in key medical supplies, including face masks and vaccines.