Developments in trade policy

Since the last WTO Annual Report, conditions for trade and trade-related policy-making have become considerably more difficult. The effects of the financial and economic crisis affecting emerging markets and of the economic downturn in Japan are far from fully worked through. They are having a serious impact on the pattern of world economic growth, and hence, on trade and on commodity markets (Chapter Two). Although there has been some backtracking in trade liberalization, the multilateral trading system – as seen in the development of trade policies – seemed, in September 1998, to be standing up well to the turbulence in financial and trading markets.