SYSTEM THREATENED BY ITS OWN SUCCESS

The negative mood seems hard to reconcile with the resilient recent performance of the global trade system. It has sailed through last year's emerging markets crisis, defying predictions of a protectionist backlash, and now seems set to ride a robust recovery in world economic growth. Since the WTO came into being less than five years ago, it has concluded landmark agreements to liberalise telecommunications and financial services markets. More important still, it has emerged as the pre-eminent forum for formulating and enforcing global economic rules. One measure of the WTO's stature is the long queue of countries that want to join its 134 existing members. This month, a historic agreement between Washington and Beijing paved the way for China's entry, after 13 years of negotiations.