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Introduction
Azevedo explains the adverse effects of the pandemic on globalization and international trade. People have experienced unprecedented life disruptions following the devastating health and economic consequences of the COVID-19 pandemic. The implications of the pandemic are job losses, health crises, economic downturn, and poor trade activities. Therefore, the fundamental aspect explained in this video is governments’ and organizations’ efforts to develop strategic responses to trade matters.
Addressing COVID-19 and World Trade-Related Issues
The pandemic has affected trade activities by reducing both supply and demand. Reduced access to medical services due to COVID-19 has resulted in a global health crisis. According to Azevedo (2020), the World Trade Organization (WTO) is developing strategic responses to mitigate the risks of COVID-19 on the economy, jobs, and people’s well-being. The organization engages the economist Bob Koopman to work together with other global organizations to attain an effective solution. The world is experiencing increased unemployment and economic disruption, Azevedo (2020) states. The high rate of business closures across the world due to lockdowns results in job losses. However, the WTO is developing responses to mitigate COVID-19 risks and improve people’s well-being and the economy. There are crucial steps to implement to limit the economic downturn and achieve recovery strategies. These steps include governments’ action to introduce a monetary and fiscal stimulus, transparency and information sharing, collaboration among nations, and encouraging trading and flowing investments.
WTO aims to enhance information sharing through the internet to understand COVID-19 implications on World Trade. The established WTO’s website helps users and traders to have adequate knowledge and updates about the pandemic and business. International organizations should work with governments and people to develop and implement global solutions to maintain proper economic growth. Countries depend on each other for growth and development; hence, people support and care for one another. The other step to recovering the economy and health from COVID-19 implications is to keep investment flowing and trade open, thus enhancing efficient production and supply activities (Azevedo, 2020). Therefore, collaboration and transparency are the fundamental ways to improve trading to help the world achieve a faster and stronger economic recovery.
The pandemic has affected the well-being of people and activities across the world. Following the strict measures related to the COVID-19 pandemic, such as lockdown and social distancing, people face difficulties accessing medical services. The other effect of this pandemic I support is increased unemployment. (Azevedo, 2020). Therefore, the world needs strategic recovery measures to combat COVID-19 risks and enhance economic growth.
Conclusion
Henceforth, developing timely and accurate actions is a way to address COVID-19 and world trade-related issues. It is essential to create awareness and inform the public about the effects of the pandemic on trade. The WTO’s criterion of setting up a web page to enhance the flow of information from organizations, governments, and the public is crucial. The strategy enhances solidarity and cooperation among traders and healthcare organizations since no countries depend on each other’s support. Fiscal action and monetary stimulus are essential strategies to implement where economic recovery is weak. Governments should consider adopting tax rules that benefit international traders and restoring public finances will help people easily access basic needs (Azevedo, 2020). Hence, openness and transparency will help organizations and governments identify the pandemic effects and strategic measures to improve people’s health and the world’s economy.
Reference
Azevedo, R. [World Trade Organization]. (2020). COVID-19 and World Trade[Video]. YouTube. Web.
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