Randolf Jacob Montoya
Published: 2023
Total Pages: 0
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Humans are presently dealing with a pandemic known as COVID-19, a highly contagious pandemic with a global health crisis that has never been seen before. This crisis has significantly impacted communications, employment, production, commerce, consumption, and human existence. With the new economic policies, travel restrictions, and border closures, the disruptions in the international transport sector resulted in a dramatic increase in trade costs. It refers to significantly affecting global commerce in the first quarter of 2020. This paper employs an analytical methodology that aggregates, accumulates, and categorizes domestic and international reports pertinent to the COVID-19 pandemic, government policies, the degree of economic policy uncertainty, and its impact on trade costs. In the present study, we first described in detail the travel restriction measures taken by World Trade Organization members, then the effect of the COVID-19 pandemic on trade costs, then the government pandemic response policies in the early stages of the COVID-19 pandemic, and finally the impact of the significantly increased trade costs on global trade and their underlying causes. This paper collected and categorized domestic and international reports on the COVID-19 pandemic through WTO and member country reports using an integrated analysis approach.