“If the benefits of global trade are to be preserved, constraints are unavoidable. In order to establish such a new global trade architecture, a return to multilateralism is necessary. But a fundamental reform of rules seems advisable. A key point should be that national regulations cannot be part of trade agreements. That leaves political leeway for democratic institutions to shape their own country according to the preferences of their citizens. At the same time, the benefits associated with trade are basically preserved as long as tariffs are low and imports not discriminated against. This is a globalisation for the people and not for companies alone.”

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