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We need to work together to de-escalate and resolve the current trade disputes. And while it is tempting to be a bit depressed about this perspective, I am actually hopeful because there is a clear appetite to improve and expand trade.
Think of the flurry of welcome discussions and proposals to strengthen the WTO. Or think of all the new trade deals, such as TPP11, the Regional African Trade Agreement, and the progress made on the US-Mexico-Canada deal.
We all know the risks of further escalation. Risks to the economy, risks to the trading system itself, which, by the way, would multiply the economic risks over the long term. We cannot let that happen. We need trade and the trading system to play their full part in fueling growth, just as they have done so effectively over the past seven decades.
