International trade under new stresses in the development of the global economy

Abstract

In the past few years, the international exchange of goods and services has faced two unprecedented shocks – a pandemic and increased geopolitical tensions. These shocks significantly weaken international trade, slow down the development of global supply chains and cause serious damage to the global economy as a whole. This article considers the problems of sustainability of international trade in goods and services in the light of the analysis of new triggers for its development, as well as taking into account the changed context for exporting and importing countries. The author came to the conclusion that the established patterns of participation of countries in international trade will undergo significant changes. The main directions for increasing the stability of global supply chains, as well as Russia's participation in it in the face of severe sanctions pressure, are identified. The prospects for the development of international trade are assessed by us as gloomy and uncertain, and exchange risks are elevated. A number of areas of international trade policy that could be effective for adjusting current trade relations between countries were discussed.