Conclusion

This chapter concludes that international trade and trade policies are frequently the object of condemnation rather than approbation. It explains how the condemnation are often the result of misconceptions about the benefits of international trade, the impact of trade policies, and the role and function of the World Trade Organization (WTO). Though the last few decades have been marked by a general reduction in trade barriers, the matter is not settled because the pressures to weaken the commitment to open markets never abate. The chapter emphasizes on difficult policy choices at the intersection of trade policy and climate change that could hold key battles over the world trading system in coming years. It also highlights the several benefits of world trade and the contribution of trade to the welfare and prosperity of billions of people around the world.