Chapter One - Overview

The current situation and the WTO's response  2

The outlook for trade in 1998  4

Trade in the international economy: a longer term perspective  5

Chapter Two - World trade in 1997 and in the first half of 1998

Main features  8

World trade in 1997  9

Chapter Three - Developments in trade policy

Introduction  22

Developments in trade and trade-related policies  22

The Asian financial crisis and the multilateral trading system  25

Developments in regional groups and their relationship to the multilateral trading system  28

Chapter Four - Globalization and trade

Introduction and summary  32

The globalization of economic activity  33

The contribution of trade liberalization  36

Managing the challenges of trade liberalization  46

Conclusions  59

Bibliography  64

Chapter Five - WTO activities

Part I  70

WTO accession negotiations  70

Work of the General Council  71

Working groups set up by the Singapore Conference  76

Trade in goods  79

Trade in services  97

Trade-related aspects of intellectual property rights  102

Resolution of trade conflicts under the WTO's Dispute Settlement Understanding  104

Trade Policy Review Mechanism  118

Committee on Balance-of-Payments Restrictions  119

Committee on Regional Trade Agreements  120

Committee on Trade and Development  122

Committee on Trade and Environment  123

Plurilateral agreements  125

Part II  127

The WTO budget and Secretariat staffing  127

Technical cooperation and training  127

Cooperation with other international organizations  129

Annex I - Publications  136

Annex II - Trade Policy Review Body - Concluding remarks by the Chair of the Trade Policy Review Body  139