Trade served the world economy very well in 2022. Despite a global pandemic that has caused nearly 7 million deaths (over 1 million of them in the United States), trade bounced back and supplied needed vaccines, medical supplies, and equipment around the world–while supporting an economic recovery that was much stronger and faster than projected.
Global supply chains proved remarkably resilient. In June, the World Trade Organization (WTO) had a reasonably successful Ministerial Conference attended by trade ministers from most of the world’s trading nations. They made good progress on reining in fisheries subsidies that were stripping the oceans bare of stocks of this important food source for the world’s peoples and undermining the livelihood of fishermen, particularly in very poor countries.
