In the Middle East and North Africa (MENA), energy subsidies have been at the center of government budget reform since the 2000s. However, political pressure existing between social safety nets and environmental costs, namely in terms of energy subsidy reduction.

COVID-19 was first reported in Wuhan, China, in December 2019 and spread rapidly across the globe. Then on March 11, 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic, causing more than 600 million confirmed cases and 6.49 million deaths around the world so far.

In May 2022, the newly elected President Yoon presented the national vision of “a reemerging Korea, a country of people living well together”. Under this vision, “a global pivotal country that contributes to freedom, peace, and prosperity” was set as one of the six goals to be accomplished during his administration.

At the 20th National Congress of the Communist Party of China held in October this year, President Xi Jinping's third consecutive term was decided. As President Xi's one-man control system is firmly established, there are also concerns about the future direction of the Chinese economy.

On 13 April 2018, upon the 30th anniversary of Hainan province, Chinese President Xi Jinping announced to build Hainan into a free trade port. According to the Master Plan for the Construction of the Hainan Free Trade Port released by the State Council on 1 June 2020, China aims to build this southern island province into a high-level free trade port with global influence by the middle of the century.

Africa’s regional integration agenda arrived at a cross roads in 2019, with the adoption of the African Continental Free Trade Area (AfCFTA) agreement. The AfCFTA framework came into force on 30th May, 2019, with its ratification by The Gambia, which brought the total number of African Union (AU) member state ratifications to twenty-two, the minimum threshold for AfCFTA implementation (Baker McKenzie 2019).

The realization of digital transformation (DX) and the Fourth Industrial Revolution (4IR) has led to the development of new technologies in areas such as AI, big data, metaverse, autonomous vehicles, digital currency, and blockchain technology. While these sectors are expected to continue to grow, major countries including the United States and China are fiercely competing to secure a global supply chain for the semiconductor industry. Built on free trade, the global division of production in the semiconductor industry has driven corporate innovation and technology development.