The role of international cooperation in building economic resilience

As responses to the 2008-09 global financial crisis and the COVID-19 pandemic have shown, lack of cooperation among governments can create significant tensions and lead to suboptimal outcomes. In contrast, governments benefit from acting cooperatively to enhance their resilience, whether they are preparing for future disruptions, coping with shocks or stimulating the recovery. International cooperation in the trade area can play an important role in building economic resilience to shocks by leveraging synergies and supporting a more open, diversified, inclusive and predictable trade environment.