Against this background, private enterprise, measured
for example by the number of firms active in international
trade or by their stock market capitalization, has
flourished as never before. However, with rapid advances
in communications and transport technologies and the
globalization of production marked by the proliferation of
complex global supply chains, the demands on the trading
system for deeper and more comprehensive disciplines
have increased greatly. Meanwhile, the Doha tradenegotiation
round has been written off in various quarters,
many bilateral and regional deals are struggling to conclude,
spontaneous liberalization has slowed and is being reversed
in some countries, and world trade has decelerated sharply
in the wake of the global financial crisis. Not surprisingly,
there is now pervasive concern (some would say alarm)
that the trading system is no longer delivering that which
private enterprise needs. The central point is that trade rules
and reforms of behind-the-border regulations that have a
profound impact on trade are evolving far too slowly – they
are not even remotely keeping pace with the hectic speed of
change faced by international enterprise.