The proliferation of cross‐​border investment, disaggregated production processes, and transnational supply chains have blurred the distinctions between “our” producers and “their” producers. And it has amplified the need to reexamine policies that conflate the national interest with producer interests.

Yet trade and investment policy has not kept pace with these remarkable changes in commercial reality. To nurture the promise of our highly integrated global economy, governments should commit to policies that reduce friction throughout the supply chain—from product conception to consumption—as well as in the flow of services, investment, and human capital.