Business groups claim that this situation hampers cross-border investment.

Next week it will be about signing some 60 bilateral agreements on cross-border investment, research and education.

And, unless we can win the popular argument that globalisation can be good, cross-border investment and commerce will be far less than it should be.

Until recently, economists took comfort from the fact that much of this slowdown appeared to reflect lower cross-border investment, rather than a sharp increase in protectionist measures.

It's not difficult to see how this could end badly, for international relations, for trade and cross-border investment and ultimately for the global economy.