After World War II, a consensus emerged that increased global trade, with fewer barriers, would be a key element in promoting peace and prosperity around the world Leading nations of the world took several initiatives in this direction, starting with the Bretton Woods Conference of 1944, which led to the establishment of the international monetary system, and the 1945 San Francisco Conference, which led to the founding of the United Nations, and then on to the 1951 Treaty of Paris, which established the European Coal and Steel Community-the precursor to the European Union. The impact of free trade, liberal economic policies and the promotion of democracies helped in the economic recovery of war-devastated western Europe, Japan and the Far East. However, the past decade has been highly turbulent due to economic and political reasons, and the imperfections of the global trade system itself. The COVID-19 pandemic was a black swan that further impacted trade. Thus, today, we witness an increasingly polarized world, where countries are turning inwards.
