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Trade and investment restrictions are proliferating around the world, driven by security concerns and protectionist pressures.In many cases, the United States has imposed secondary sanctions, which apply extraterritorially and aim to catch businesses for transactions that occur wholly outside the country.The United States also appears to be preparing sanctions on Venezuela.In addition to the sanctions-industrial complex, a growing number of regulators and trade authorities demonstrate an increasing propensity to favor greater restrictions.The dismantling of trade and investment barriers was embodied by eight rounds of successful trade negotiations under the General Agreement on Tariffs and Trade culminating in the ambitious Uruguay Round (1986-1994).Can the spreading web of trade and investment restrictions, often imposed at short notice, be consistent with a rules-based and predictable trading system that facilitates cross-border transactions?If the global trade and investment regime becomes less predictable, will the growth in international trade and investment slow or even go into reverse?
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