Global trade is in a state of flux. The Covid-19 pandemic highlighted both strengths and weaknesses in the global value chains that drive  trade. Geopolitical tensions and conflicts have prompted countries to rethink their approach to who they trade with and on what terms. Digital technologies and their applications are changing the way trade takes place, and raising regulatory challenges that spill over into trade. And the urgent need for action on climate change, both in terms of mitigation and adaptation, is creating unprecedented challenges for trade policy and trade rules.

All this reinforces the need for sound economics to answer pressing policy questions:

• How can countries set trade policy to meet multiple challenges?
• What counts as “good outcomes” in trade negotiations?
• How can global trade rules accommodate the range of policy actions required to meet multiple challenges?
• How can we evaluate policy interventions that have long term, uncertain outcomes?