On December 18, 2020, Ashley Craig was quoted in Law360 on the top trade policy developments of 2020, including how the COVID-19 pandemic caused countries to scramble to adjust their trade regimes.
According to the article, the early stages of the pandemic prompted a flurry of trade-related adjustments from governments across the globe. An early slate of export restrictions raised alarm that countries were effectively hoarding crucial medical supplies that would impair the global response to the pandemic, but most countries have since relaxed those policies.
"At the beginning of the pandemic, the global trade community appeared to be hit hard—there was talk and action by governments around the world that resulted in closed borders, restricted travel; cross-border transactions were caught in the middle," Craig told Law360.
The World Trade Organization initially forecasted as much as a 32% drop in global trade arising from the pandemic. Subsequent forecasts have painted a somewhat rosier picture, but as cases in the U.S. spike again, policymakers remain on alert.
"Now that we are heading into additional waves of the virus, we will see how the trade and governments react," Craig said. "Let's hope that lessons were learned—and not already forgotten—from the spring of 2020."
Click here to access the article.