Concurrent advances in international economics towards sustainable development in the Era of climate and COVID-19 crises

Document Type

Article

Publication Date

9-10-2021

Abstract

Throughout the history of trade, many concepts have changed, but growth. Through the urge to develop due to the never- ending demand of humankind, the machine of trade and economics has been having an observable footprint on the planet Earth. Such a footprint has grown to a point of starting to alter the dynamics of the planet, much like a scar. The limits of resources, as well as the ensuing scale of the threats and crisis (the arch- example being the climate change) arisen from this urge, has demonstrated clearly that, growth and development of any kind must be sustainable. This need has become so urgent that, the rulebook of all games needed to be revised and changed as exemplified in "EU Green Deal", "US Green New Deal", upcoming "COP- Glasgow" in the footsteps of the Paris Agreement, that all have been encouraging even forcing these developments. The EU is intending Border Adjustment Tax (BATs) on industries, which will be a game- changer for globalization and for setting new rules in international trade. We are entering an era in which sustainable production, manufacturing, supply, and consumption will matter much. Environmental, Social and Governance (ESG) and climate credentials will be of utmost importance, even decisive, in making choices and deals in international trade and economics. Within these complex dynamics of trade, COVID- 19 has played a revealing role in hidden glitches of the rulebook. This chapter, after introducing basic concepts on the green deal, sustainability aspects of the trade, will try to explore their possible effects on EU internal and its international trade, the relation to sustainability and growth, effects of COVID- 19, and as well as the inevitable impact on international trade and repositioning into the envisioned new low- carbon and sustainable era.

Publication Title

New Normal and New Rules in International Trade, Economics and Marketing

First Page Number

193

Last Page Number

205

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