Economic development seems anything but smooth in many markets. However, some recovery can be seen in America and Asia, as unique market dynamics create growth. The situation is becoming increasingly poor in Latin America which is struggling with protectionism while Europe has become stagnated due to politic crises. Perhaps it would make sense to return power to market forces in the global economy.
The facilitation of trade procedures through the WTO package as agreed would revive the global economy. Opening the markets more extensively to the trade of goods and services through bilateral agreements between the EU, the United States, Canada, Japan and other leading G20 countries would boost the economies further. In terms of the network economy, the fact is that no country will be able to implement their future infrastructure projects and the modernization of their economy on their own. This applies to Brazil, India, China as well as Russia.
China is going to tackle its environmental and climate challenges with the help of massive environmental technology investments in the coming years. Brazil and India will be forced to make remarkable investments to secure the functioning of their society. The modernization of the Russian economy is inevitable, even though the sanctions and the internal power struggle are temporarily slowing down the process. Brazil and India will not keep up with the development solely with national investments and domestic production. Russia may not be able to overturn the EU and US sanctions through the WTO, but instead the country will have to choose between economic isolation and openness.
The history of the global economy has shown us that we can achieve more by opening up the markets, not by closing them. What if the WTO decisions regarding the facilitation of trade procedures and the trade of ICT and cleantech products were effectively implemented? What if the EU quickly established deep trade partnerships with the United States, Canada and Japan? What if Russia was prepared to find a political solution with Ukraine, so that the EU-Russia trade partnership could be deepened? Would it make sense to forget political games and national peculiarities? Is it time to give power to market forces in order to revive the economy and strengthen our well-being?