The current global market, although open and trading just below historical highs, is subject to persistent imbalances and asymmetries and the governance multilateral trade is now severely deteriorated.

In the background, the now inextricable web of offensive and defensive interests security, energy and digital primacy that spills over into trade through protectionist measures exacerbating uncertainty make markets and investment choices less and less intelligible.

It is a immediate concern for Italy and Europe in the light of growing geopolitical frictions, developments in global production and consumption, global demographic and economic distribution, and the challenges posed by energy, environmental and digital transitions.

Business diplomacy is part of the solution, even at the national level, however, as part of a geo-economic bloc that has long since assumed exclusive competence over trade policy, the answers depend largely on from theunity, credibility and assertiveness of the European Union in the multilateral sphere.

We are faced with a scenario in which the WTO crisis is evidentwith blockades and lack of dispute settlement. It is time for significant reforms to meet today's challenges, starting with a reform of the WTO, a debilitated but indispensable organisation to steer the international community towards a hypothetical new world trade and investment order.