Post COVID-19: Globalization a myth or reality!

Covid-19 has hit everyone in one- or another-way at large scale, where the world came to stand still.

It has impacted the trade & business in a way where globalization just remain a word in the book of
dictionary. Earlier due to fear of spreading virus through various means has impacted the import &
export business, later on this became a norm during covid-19 where even essential products trade
had been halted.

As per World Health Organisation, globalization has led the world to produce the goods where
condition is best suitable which restricted the world health production to few countries, like 10
countries responsible for export of medical products. And the products which were in high demand
in COvid-19 i.e. masks, gloves, sanitizers, ventilators were majorly produced by 3 countries and
accounted for world 65%-85% export. And 80 countries who were producing masks, PPE (Personal
Protective Equipment) kits, medicines for fever & other products had already banned their export,
which created a panic among the importing countries and they were looking for substitutes of these
materials. This move was legally under WTO rules in the situation of resource shortage or health
retreat, had created a huge hue n cry in international market as it impacted the global supply chain,
import-export market as well as dependent countries were in great distress due to the shortage of
materials. This whole situation created a question mark on the design strategies and framework of
globalisation, time when world is facing pandemic-globalisation could acted as bridge between the
demand & supply but it acted a major barrier due to localization of production to few areas of the
world. As currently WTO is under criticism that Globalization only favours the developed countries
where as laws are against the developing countries which is the main culprit behind the poverty
around the world.

In Post Covidian times, whole model of globalization needs to relooked and design strategies could
be re-shaped in order to bring the world together on a common platform. Organisational structure
needs to be reframed so it doesn’t hurt the importing as well as exporting countries. New set of
rules, frameworks can help the countries bringing together in the condition of a global crisis else the
localization will start developing and every country will try to develop set of industries/ capabilities
to produce the essential items which cannot hurt their economy / country again in a future condition
like COVID-19.