Global value chains are the backbone of the world economy, even at a time when they are undergoing structural and policy-driven changes in the face of a rapidly changing global environment.

Over the past two decades, international production networks have been tested in various ways – by the COVID-19 pandemic, by intensifying geopolitical frictions, by financial shocks and by accelerating climate challenges. These overlapping crises have sparked debates about deglobalization – reducing dependence on trading partners – and reshoring – returning production processes to the home economy.