For much of the past decade, debates about the future of globalisation have been dominated by predictions of fragmentation. Trade wars, sanctions, geopolitical rivalry, supply-chain disruptions and economic nationalism have all reinforced the perception that the world economy is steadily breaking apart.

Yet a more consequential development is taking shape beneath the headlines. Global trade is evolving into a more complex and strategically managed system.

What is emerging is a dual-track trade architecture. On one track, governments continue to support multilateral institutions and rules-based frameworks. On the other, they are increasingly relying on bilateral agreements, regional partnerships and targeted industrial policies to advance national interests. Increasingly, these approaches operate side by side as part of the same trading architecture.

Behind these changes lies a broader reassessment of what trade is expected to deliver. For decades, efficiency was the dominant organising principle of international trade. Today, governments are evaluating economic relationships through a broader set of considerations that include economic security, supply-chain resilience, technological sovereignty and access to critical resources.

Trade policy is no longer assessed solely through the lens of growth and cost reduction. It is also expected to........

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