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The election of Joe Biden as the new U.S. president raises expectations that economic relations between the major regional blocs, i.e. North America, China/Asia and the EU, will stabilize somewhat again.
Supply bottlenecks to be avoided
The recent creation of the East Asian Free Trade Area, RCEP, can also be seen as evidence of this. However, policymakers will work to strengthen regional value chains and supply chains in order to avoid supply bottlenecks for certain “systemically important” products in the future, as was the case earlier this year with the outbreak of the Corona pandemic.