The landscape of global trade is undergoing a profound transformation, influenced by a confluence of economic, political, and social factors. This panel will dissect this shift, from an era of expansive globalization to a more introspective phase marked by 'globalization' and potential deglobalization. The discussion will delve into the trends of onshoring in Asia, contrasted with the ongoing, if modified, globalization in the US and Europe. The effects of regulatory scrutiny of cross-border mergers and acquisitions, especially in strategic sectors like technology and finance, will be of particular interest. The panel will also examine the intricate relationship between the green transition and global trade, particularly in the energy sector, balancing local energy needs with global cooperation. Panel members will reflect on how businesses and governments are evaluating strategies such as diversifying supply chains and reshoring and nearshoring production. Ultimately, the panel will aim to answer critical questions about the future balance between localization and globalization in global trade, providing insights into the opportunities that lie ahead.