Global trade was expected to have shrunk by nearly 5% in 2023, according to a UN estimate last December. The UN report shows geopolitics as having greater impact on global trade patterns. The most vivid example is "friend-shoring," that is trading with politically aligned partners. Meanwhile, China will strengthen its major trading partner status with over 140 countries, with new energy vehicles, solar panels and lithium battery exports growing rapidly. How will these contradictory dynamics affect all of us? How can global governance on trade catch up with the ever evolving challenges?

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