It’s a good thing, therefore, that today progress is being on the Free Trade Area of the Asia-Pacific because, in the long run, that will help get the WTO back on track. As far as bilaterals go, it’s a good proposal because it takes the complicated spaghetti bowl of existing bilaterals and simplifies them…
The truth is that for the time being, the WTO is the Plan C for world trade, certainly for the next couple of years, and if the protectionist sentiments continue in the US Congress, much longer. President Bush lacks the political goodwill to regain trade promotion authority, necessary for a WTO deal.
Protectionist sentiments in Congress and a lack of political goodwill? Mr. Singleton’s Plan B is a trade deal with China!
Trade Diversion 