Summing-up I

The IEA Conference on International Trade Policy and the Pacific Rim 1 brought together a diverse group of experts who were able to engage productively in a discussion of important policy issues. Professional and public debates concerning desirable modifications to the world’s trading system have existed for a long time, but a new sense of urgency has developed in recent years with the conclusion of the Uruguay Round and the proliferation of regional free-trade agreements. Unlike some other economic problems, this one in particular calls for a multi-faceted approach. To deal with it adequately, we need to frame it in a suitable theoretical framework, to develop a good understanding of the facts and the institutional constraints, and to account for the political forces that operate in each country and in the international arena. For these reason a multi-faceted approach that tackles the problem from all these angles simultaneously is most desirable. Indeed, the organizers of this conference recognized the need for such a broad approach, which was well reflected during deliberations in various sessions.