A profound shift is underway in global trade. Governments are moving beyond traditional free trade agreements open to all countries and embracing what are increasingly called “economic security agreements”.
This means the international trading system is moving from a club open to all prospective members who can meet the rules, to invitation-only clubs where security competition between nation states determines who can join or is excluded.
An example of this new type of economic security agreement is the US-led initiative to create a critical minerals trade bloc aimed at diversifying global supply of critical minerals currently concentrated in one country: China.
