Contents: Introduction, Kenneth Heydon; Part I The Political and Economic Context of Trade Policy: Free trade versus protection: an intellectual history, Razeen Sally; The political economy of international trade, Kenneth Heydon; The evolution of the international trading system, Stephen Woolcock. Part II Outstanding Issues in Key Policy Areas: Do import tariffs still matter?, Przemyslav Kowalski; Non-tariff measures, Michael J. Ferrantino; Commercial instruments, Patrick Messerlin and Stephen Woolcock; Trade facilitation, Andrew Grainger. Part III Sectoral Challenges: Agriculture, Stefan Tangermann; Trade in services, Christopher Roberts and Kenneth Heydon; Changes in the value chain of manufacturing industries: a Japanese perspective, Risaburo Nezu. Part IV Related Complexities: Trade and investment, Sébastien Miroudot; Trade and competition policy, Kamala Dawar and Peter Holmes; Environmental protection, international trade and the WTO, Robert Falkner and Nico Jaspers; Trade and risk assessment, David Robertson; Trade and labour standards, Göte Hansson; Intellectual property rights and trade, Meir P. Pugatch. Part V Trade and Development: Trade openness and growth miracles: a fresh look at Taiwan, Arvind Panagariya; The evolution of special and differential treatment and aid for trade, Matthias Meyer and Peter Lunenborg; Trade preferences for developing countries: the case of the European Union, Christopher Stevens; Developing professional services in Africa: how regional integration can help, Nora Dihel, Ana M. Fernandes and Aaditya Mattoo. Part VI The WTO and Multilateralism: The structure and function of the World Trade Organization, John H. Jackson and Steve Charnovitz; Preferential agreements and multilateralism, Mark Manger; Part VII Trade Policymaking: Regional Perspectives: The United States: trade policy sleeping - short nap or long slumber?, Gary Hufbauer and Kati Suominen; The functioning of the European Union’s trade policy, Joakim Reiter; Trade