Over the past decades trade has played an increasingly important role in the world economy and has contributed significantly to economic growth both at the global level and within individual countries. Many have taken advantage from trade through increases in wages and household incomes, and this has in particular been the case for those involved in export-related activities. Being connected to the world economy may not give any guarantee for economic growth, but there have not been many examples – if any at all – of countries that managed to significantly enhance their growth performance while staying disconnected from global production and financial networks.

Through its contribution to prosperity, trade has certainly contributed to political stability and peace in this world in the past decades. In order to continue to do so, though, a number of challenges need to be overcome. Failure to overcome those challenges may turn trade into a destabilizing factor. It is especially important that we reflect upon these obstacles in times of economic instability. I want to focus on two challenges here: the need to provide protection to those who become more vulnerable in an open world and the need to guarantee that the gains from trade are distributed in a way considered acceptable by societies.

After having continuously outpaced growth over a period of three decades, export growth was negative in 2009 and dropped by 12.2 per cent in volume terms.