The Covid-19 pandemic has led to huge and hopefully short-term economic disruption. However, the longer-term effects on global trade – and Ireland’s place in the global economy – may turn out to be far more significant. From 1994 until the 2008 global financial crisis, global trade growth grew at a faster pace than global GDP growth. The benefits of increasing global trade were clear to see. The increasing pace and scale of global trade led to price declines for consumer goods, lower transaction costs, lower trade costs and even lower transport costs due to increased competition. Lower costs led to…

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