INTERNATIONAL TRADE: PARADOXES AND SIGNALS OF A SUSTAINABLE RECOVERY

Abstract

Structural changes taking place at the present stage of development of international trade lead to a qualitative renewal of its architecture, affecting many aspects of the international division of labor. The purpose of the study is to assess the possibilities and parameters of the restoration of international trade, to identify problems associated with the multilateral regulation of international exchange, which has become more complicated due to the crisis caused by the coronavirus pandemic. The collapse of international trade was found to have put a brake on many value chains at the global level, especially in services. However, one should not idealize the trend of international exchange turning towards deglobalization, since there are natural limitations associated with traditional competitive advantages and sustainable economic development strategies of the largest exporting and importing countries. Overall, we note a slow recovery in international trade compared to the recovery in the global economy as a whole, which continues to be driven by the pressure of ongoing quarantine restrictions. Additional stress for the further development of international exchange are trade and geopolitical conflicts between individual countries. At the same time, the crisis that has arisen allows us to consider from a new perspective the possibilities of participating in interregional trade agreements from the point of view of restoring trade relations between countries.