Page 60 - ITATUBE Journal 1 2020

Preview: Tube 2020
ITA – International Tube Association
Trade relations in a post-COVID world: Why the ITA is committed to Tube 2020
A polarization is already making itself felt in the debate about how society—and society’s house- hold purse, the economy along with production ecosystems and markets—is likely to reshape itself in a post-COVID world.
One assumption is that the crisis is likely to accelerate the frag- mentation of the global economy. Trade and markets are tending towards protectionism, with borders becoming impermeable as a defense against the unprece- dented levels of uncertainty over- shadowing global markets.
Added to this, until a widely available vaccine has been found, travel restrictions will remain. National borders were shut for several months, multinational
organizations have fared poorly in the face of growing nationalism in certain parts of the world— witness US President Trump’s decision to opt out of the World Health Organization.
New fears have struck deep roots, and even afterwards, speculates the Economist [April 16, 2020], “local resilience will be prized over global efficiency.”
The opposing argument goes thusly: Although trade tensions between the US and China, already stretched before the pandemic, have in some ways been acceler- ated, the world’s reliance on these two main producers (amongst others) in many sectors has not diminished.
Key to a recovery will be job cre- ation and keeping down living costs. Both of these factors mean that, however uneasy it makes them, governments may have to tolerate a continued reliance on global investment and supply chains.
Stepping up the pace
of renewal
As an organization dedicated to global exchange, trade relation- ships and education, the ITA has every intention of continuing our work on the strengthening of such far-reaching ties. We rely on our conversations, among members scattered across the globe, to maintain the pace of progress in our industries.
A sign of this dedication is the commitment to the re-arranged Tube Düsseldorf 2020 which,
ITAtube Journal No1/July 2020
60