Question

write an essay about the effect of the covid 19 pandemic on the international trade

Answer 1

Covid- 19 has its impact all over the world. Almost every country is suffering from this pandemic. And it is spreading throughout the globe. The worst effected countries are developing and lower income countries. The globle growth rate has come down. In this situation, nobody can say when things will improve.

Amidst this pandemic, there have been certain events which are making situation worst and one of them is concern over international trade. It has been majorly impacted due to several logistics restrictions, lockdown, and restrictions on international air ways. Since, we know that, world has scarcity of resources and one country can not have all the required resources. It has to import something and export something. But due to restrictions, countries have stopped trading, there is lower demand for international products bringing the gdp of several countries down.

Also, several countries are at loggers head with china. There is cold war going on with china. For many countries like india, china has been the biggest exporter. But due to the differences with china over virus generation, countires are boycotting chinease products. India has banned several chinease units and also banned import from china. USA has also closed some of its companies in its territory. Before march, it was reported that china made several purchase agreements with USA of the products like agriculture. But it seemed to be unsuccessful due to virus. Also USA has increased tariff on some chinease products. Similarly there has been unrest between the countries and due to the spread of virus, countries do not want to come into the contact by any ways.

Trade is essential for every country and it is very difficult to survive without import and export. Countries need to have dialogue with one another to promote trade related activities. It is very necessary to keep an active logistics and supply chain. Also they need to show some transparency which will help in building trust among countries. In this situation, countries need to cooperate with one another and reduce the tarrifs to promote international trade.