Trade

Strategic hedging is rational when it preserves a worthwhile choice at a tolerable cost while respecting existing commitments. Drawing on the literature on hedging and Latin American autonomy, this Policy Brief examines contrasting illustrations of that proposition. It distinguishes ambiguity about future alignment from uncertainty about existing obligations and explains how clearly bounded commitments can reconcile autonomy with credibility. The cases reveal different vulnerabiliti ...

Cet article soutient que le Chief Geopolitical Officer (CGO) doit être repensé à partir de l’expérience des entreprises africaines. Dans un environnement multipolaire et fragmenté, leur principal défi n’est pas seulement la gestion des risques, mais la préservation de plusieurs options stratégiques simultanément selon une logique de hedging. Trois modèles de CGO sont à distinguer : l’intermédiation (Office chérifien des Phosphates (OCP), Tanger Med), l’intégration régionale (Ethiopi ...

In the first seven Policy Briefs of this ongoing series of analysis on Pan-Atlanticism: The Atlantic Basin in a Multipolar-Transnational World, we developed the argument that the strategic significance of the Atlantic Basin is on the rise for a range of international actors (states, regions and non-state agents) and from distinct political or ideological perspectives. In addition, in the most recently published Policy Brief -- “The U.S. and the Current International Reconfiguration: ...

The author of this opinion, Marie-Noelle Nwokolo, is a 2024 alumna of the Atlantic Dialogues Emerging Leaders Program.In September 1978, delegations from 138 countries gathered in Buenos Aires, Argentina, around a powerful idea: developing countries had knowledge, experience and capabilities worth sharing with one another. The Buenos Aires Plan of Action gave institutional form to what we now call South-South Cooperation, part of a wider post-colonial effort by developing ...

Depuis 2010, environ, on sait que la Méditerranée orientale est une nouvelle province gazière. Des ressources gazières ont en effet été découvertes au large de quatre pays ou territoires, l’Égypte, Israël, Chypre et Gaza. Deux d’entre eux sont devenus producteurs et exportateurs de gaz naturel, l’Égypte et Israël. Au large de Gaza, le champ gazier de Gaza Marine n’a jamais été développé et il est très peu probable qu’il le soit prochainement en raison des très fortes tensions entre ...

Since around 2010, it has been known that the Eastern Mediterranean is a new gas province. Gas resources have indeed been discovered offshore four countries or territories: Egypt, Israel, Cyprus and Gaza. Two of them have become producers and exporters of natural gas, Egypt and Israel. Off the coast of Gaza, the Gaza Marine gas field has never been developed, and it is highly unlikely to be developed anytime soon given the very high tensions between the State of Israel and Hamas. By ...

The African Union Summit of February 2026 instructed the African Continental Free Trade Area (AfCFTA) Council of Ministers to negotiate a Protocol on Industrial Policy and Development. This work, handled without adequate preparation, is likely to reproduce the weaknesses it is meant to remedy. This paper is a conceptual mapping exercise, written to raise the preparatory questions before drafting begins, rather than to prescribe outcomes.It proceeds in five sections:1. It works towar ...

Various competing cross-border payment networks have become vehicles for geopolitical competition. As tensions have risen, many countries want to secure access to cross-border payment systems by joining with like-minded countries to form interoperable networks, either via tokenization or Instant Payment Systems (IPSs). Three major projects are under development, serving the strategic interests of the US, China and the Rest of the World—corresponding to the three trading spheres taki ...

Le déclenchement de la Guerre en Iran et le blocage du détroit d’Ormuz ont eu des conséquences majeures sur un grand nombre de marchés mondiaux de matières premières. Si l’attention médiatique s’est logiquement portée sur le pétrole et le gaz naturel, ainsi que sur l’aluminium, en raison de la forte dépendance de l’offre de ce métal aux prix de l’énergie, le soufre, comme l’hélium, l’éthylène, le propylène ou l’urée, a également été pris dans les rets de ce conflit. Loin d’être une ...

The outbreak of the war in Iran and the closure of the Strait of Hormuz have had major consequences for a large number of global commodity markets. While media attention has understandably focused on oil and natural gas, as well as on aluminum – owing to the strong dependence of that metal’s supply on energy prices – sulfur, like helium, ethylene, propylene, or urea, has also been caught up in the fallout of this conflict. Far from being a marginal commodity, it is essential to the ...

This paper was originally published as a chapter in the ISPI report The Pursuit of Smart Mobility in Urban Nodes: Trends and Innovation for Citizens and Freight. Agglomeration economies have historically supported industrialisation and global integration by concentrating firms, labour and infrastructure in dynamic urban cores. However, these same forces have also generated persistent patterns of territorial polarisation. Drawing on New Economic Geography, this chapter interpret ...

This Paper was originally published on cgdev.org. Escalatory attacks on multilateral rules and institutions in this era of raw power politics have plunged international politics into uncharted territory. Traditional alliances have been fractured and new partnerships between unlikely bedfellows are emerging. No longer in transition, the post-World War II world order is in rupture. This paper examines international cooperation under these conditions and argues that a new "flexi-l ...

Predictions of American decline have become increasingly prevalent. The United States has run persistent trade deficits for decades, but its public debt now exceeds its annual economic output. Meanwhile, and new centers of industrial and technological power continue to emerge across Asia. Yet despite these developments, no country has so far replaced the United States as the main organizing power of the international economy. Conventional explanations explain this in terms of U.S. m ...

Recent crises in the Middle East, particularly attacks targeting commercial vessels in the Red Sea and tensions surrounding the Strait of Hormuz, have highlighted the vulnerability of the main strategic corridors of global trade. Rather than fundamentally disrupting the organization of trade flows, these crises are accelerating an ongoing transformation driven by the search for more resilient connectivity chains, the diversification of trade routes, and the development of logistics ...

Les crises récentes au Moyen-Orient, notamment les attaques ciblant les navires commerciaux en mer Rouge et les tensions autour du détroit d'Ormuz, ont mis en évidence la vulnérabilité des principaux corridors stratégiques du commerce mondial. Plus qu'un bouleversement de l'organisation des échanges, elles accélèrent une transformation déjà engagée, fondée sur la recherche de chaînes de connectivité plus résilientes, la diversification des itinéraires commerciaux et le développement ...

The renewed instability in the Middle East has exposed Africa's continued vulnerability to external energy shocks. Shipping disruptions through the Strait of Hormuz, the maritime chokepoint through which roughly one-fifth of global oil and LNG supplies transit, have once again demonstrated that African fuel security remains highly dependent on geopolitical developments beyond the continent. While many African economies have traditionally relied on refined petroleum imports from Gulf ...

La géographie mondiale des hydrocarbures n'est évidemment pas figée. De nouveaux producteurs de pétrole et/ou de gaz naturel apparaissent suite à des découvertes, le plus souvent réalisées par des compagnies pétrolières internationales. On pense notamment au Mozambique, qui produit et exporte du gaz naturel liquéfié (GNL) depuis la fin 2022, au Sénégal, qui est un producteur de pétrole offshore depuis la mi-2024, et au Sénégal et à la Mauritanie, qui sont devenus conjointement expor ...

This paper addresses the persistent challenge of resource dependence in the world's poorest countries, focusing on the ten poorest African nations where natural- resource rents average 14% of income. It argues that four decades of conventional policy advice, which treated resource dependence primarily as a revenue management problem, have failed to help these countries. While stabilization funds and permanent-income frameworks aim to smooth consumption, they do not answer the fundam ...

This policy paper explores how China’s economic development model—rooted in pragmatism, long-term planning, and civilizational renewal—has become its most compelling soft power asset, particularly in the eyes of the Global South. While critically engaging with Joseph Nye’s original conception of soft power as a primarily cultural and normative force, the paper argues that China’s ability to transform itself from an impoverished postimperial state into the world’s largest trading nat ...

This Opinion was originally published in Project Syndicate and republished by The Edge Malaysia, DT Next, and The Japan Times. Data from a period in which both China and India pursued deliberate industrial policies show that neither country's development route is accessible to other countries. At best, their experience can alert policymakers to structural limitations and coordination problems that will require their own homegrown solutions.RABAT—What is the most reliable develo ...

En un siècle, le cours de l’once d’or est passé de 20 dollars à 5 300 dollars au premier trimestre 2026. Cette étude, consacrée à l’analyse de cette envolée, comporte deux parties.La première privilégie une approche historique. Elle retrace tout d’abord le changement de statut du précieux métal jaune, monétisable jusqu’en 1971 puis démonétisé par la suite. Elle rappelle ensuite que cette évolution, loin d’être linéaire, est ponctuée de phases de forte hausse, de stagnation et d ...

The term “K-shaped recovery” was introduced to describe the economic recovery from the recession triggered by the Covid-19 pandemic. It refers to the uneven and divergent growth pattern between leading industries or sectors (the upper arm of the letter K—mainly the high-technology sector) and laggards, or the rest of the economy (the lower arm—the traditional industries). Since then the term has become popular in portraying divergent growth patterns within and between countries, esp ...

Thanks to the AI investment boom, the U.S. economy has performed well at the macroeconomic level. However, it is on an unsustainable fiscal and debt path. Mr. Trump’s fiscal policy in his second term has aggravated this trajectory. In turn, Mr. Trump’s tariff-based trade policy has failed to address what he sees as U.S. economic problems associated with the trade balance. Besides explaining why this has been the case, and what its implications are for the U.S. economy and the r ...

On “marinetraffic.com”, thousands of triangles fill a map of the world’s ports and oceans, each representing the active location and destination of a ship, reported the “McGill International Review” (April 16, 2026) adding,” suspicious tankers are plentiful among them.” One of these vessels, marked by a red triangle, appears, zoomed, as “Monique”, a twenty-year-old vessel, aka Tokyo, Phuket and Elysia. Its old age and the frequent name change, suspects reporter Julnar Alzuki, “indic ...

This paper provides a structural assessment of India’s services-led development trajectory, and its integration into global value chains (GVCs) between 2012 and 2022. Applying an analytical framework that categorizes services into knowledge (KS), enabling (ES), and local (LS) sectors, the study utilizes sixteen OECD indicators to move beyond the narrative of India as a ‘services champion’ and reveal a more complex economic reality. The analysis identifies three central structur ...

Available soon on livremoi. The 2026 edition of the Annual Report on the African Economy examines the issue of the valorization of Africa’s natural resources, particularly its mineral wealth. While the continent holds some of the world’s largest known reserves of a wide range of minerals and metals, the objective is not merely to catalogue these resources, but rather to explore the conditions under which natural resource endowments can be transformed into drivers of Africa’s in ...

For much of the post-war period, the Global South was framed as an object of history, defined by dependency, constrained by structural asymmetries, and confined to the margins of global decision-making. That narrative, once empirically grounded, is now no longer adequate. A profound yet uneven transformation is underway. The Global South is no longer only reacting; it is increasingly shaping rules, institutions, and narratives.This Policy Brief argues that the Global South is thus t ...

Cet essai analyse la guerre Iran–États-Unis–Israël de 2026 comme un révélateur de la transformation profonde de l’ordre international. À travers le prisme du droit de la mer, du détroit d’Ormuz, des alliances fragmentées, des câbles sous-marins et des flux énergétiques, il montre que le pouvoir mondial se déplace progressivement du contrôle des territoires vers la maîtrise des infrastructures de circulation. Loin de disparaître, la mondialisation entre dans une phase de connectivité ...

Ce Policy Paper a également été publiée en anglais et en espagnol par Le Grand Continent Le Maroc offre un exemple éclairant parmi les pays à revenu intermédiaire, dans un contexte marqué par une fragmentation croissante de l’environnement international, une croissance mondiale atone et un ralentissement de la convergence. Depuis 2022, sa trajectoire se distingue par une certaine robustesse, avec un rythme d’expansion supérieur à celui des autres économies de même catégorie. Dé ...

This Policy Paper has also been published in French and Spanish by Le Grand Continent Morocco offers a compelling example of how a middle-income economy can navigate a more fragmented global environment, characterized by weak growth and slower convergence. Since 2022, economic activity has remained relatively strong, with growth exceeding that of many comparable economies. Non-agricultural growth has averaged 4.4% since 2022, around 1.3 percentage points above its historical av ...

Este Policy Paper también ha sido publicado en inglés y francés por Le Grand Continent La economía marroquí constituye un caso ilustrativo entre las economías de renta media, en un contexto marcado por una creciente fragmentación del entorno internacional, un crecimiento mundial anémico y una desaceleración de la convergencia. Desde 2022, su trayectoria se caracteriza por una relativa solidez, con un crecimiento superior a la media de las economías de la misma categoría. Superi ...

Africa today remains far from food secure. Chronic malnutrition, widespread anemia among women of childbearing age, stunting and wasting among young children, pervasive underemployment in both rural and urban areas, and a youth bulge frustrated by high unemployment are key features of a continent that is seriously off track with respect to the SDG deadline: only 6% of SDGs have been implemented (Mo Ibrahim Forum, 2025).Despite this dismal progress, Africa can still achieve “The Afri ...

L’Afrique atlantique émerge aujourd’hui comme un espace de réflexion stratégique majeur. Longtemps envisagée sous l’angle de sa fragmentation ou de sa marginalité relative dans les grands récits géopolitiques, cette façade maritime tend désormais à être appréhendée comme un ensemble en devenir, structuré par des dynamiques géopolitiques, économiques et sécuritaires de plus en plus intenses. C’est dans cette perspective qu’a été initié le Africa Maritime Symposium (AMS), dont la ...

Global imbalances are back—and this time the risks look different. The 2008 financial crisis showed how persistent current-account deficits and surpluses between major economies can fuel financial instability and trigger sudden, severe reversals of capital flows. After almost two decades, many thought that episode had been resolved. It had not. New imbalances have built up, with a familiar cast: China, Germany, Japan, and oil exporters running large surpluses, and the United States ...

This article draws in part on perspectives shared by members of the Rihla Initiative for Green Economic Growth, whose regional insights helped inform the sections on how the costs of the war are being felt across the Global South. The war on Iran and in the Gulf has made it impossible to treat the Strait of Hormuz as a regional issue. The disruption around the Strait has moved through the world economy in concrete ways, from higher fuel bills and pressure on food and fertilizer ...

This essay argues that the current debate about the future of the international monetary system is not really about Gulf currencies, oil pricing, or de-dollarization in the narrow technical sense. It is about something deeper and more important: whether institutional trust can survive when geopolitical certainty is eroding.The Gulf monarchies—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman—increasingly exist in a world where the United States no longer looks ...