Structural Modifications of International Business in the Time of Covid-19

The main aim of this work is the presentation of the structural modifications of international business in the time of COVID-19. The economic crisis and COVID-19 have had a significant impact on global trade in the twenty-first century. The increased significance of international commerce for national economies and domestic populations inside those countries, as well as the stronger connections between trade and other global challenges, are clear indications of the developments. Different positions of the member states of the World Trade Organization (WTO) especially developed and developing countries and also USA, the European Union and Japan representatives were observed during the Doha Round of trade negotiations under the WTO. The issues surrounding crop protection in developed nations like the European Union and the United States as well as in developing nations were starting to seriously impede the negotiations. Despite the udeniable benefits of the multilateral WTO forum for trade liberalization, the rapid increase of North-South bilateral and multilateral Free Trade Areas (FTAs) begs a systematic explanation for why some forums are prioritized relative to others This article discusses mercantilist tendencies in the international trade policy, the theory of public choice in the foreign trade policy, protectionist pressures in various political systems, the level of protectionist pressures, food producers pressure and conflicts between the tendencies to sustainable international trade liberalization and environmental protection, the growing significance bilateral agreements in the foreign trade policy, international economy in the time of COVID-19.