New Delhi, March 25 -- Today, there is yet no conclusive evidence that international trade is deglobalizing. Trade is merely reallocated, not reduced. The tariff war between major trading nations - US and China - did not stop other countries-such as members of the African Union, the Association of Southeast Asian Nations, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership-from pursuing their regional or plurilateral trade agreements.

The COVID-19 pandemic made many countries temporarily restrict exports of medicines, and a few stopped shipments of wheat and other food items as prices spiked following the Russia- Ukraine war in February 2022. But many governments continue to aggressively pursue economic integrat...