ABSTRACT
Regulation of external trade through tariffs, quotas, and other means has long been a prominent aspect of national sovereignty. In Chapters 5 and 6 we indicated how the policy choices made by one country affect not only its own production, consumption, and trade, but also conditions in other countries. Relaxation of those trade barriers on a joint but discriminatory basis in preferential trading agreements was the topic of Chapter 7. In this chapter we consider another basis for joint action in establishing rules for trade in goods and services, one which has come to rely upon multilateral cooperation.
