The multilateral trading system recognises that governments have legitimate aims other than free trade.

ECONOMIST: At daggers drawn

Competition policy was already on the trade agenda in 1948, when the multilateral trading system was set up.

ECONOMIST: The borders of competition

It has been trying to join the multilateral trading system since 1986.

ECONOMIST: China and the WTO

To be sure, the multilateral trading system has survived such setbacks before.

ECONOMIST: A global disaster

One is that, with the cold war over, shoring up the multilateral trading system is no longer seen as a top priority for American foreign policy.

ECONOMIST: The battle in Seattle

This recognises the importance of such regional trade initiatives and their potential to promote further trade liberalisation, while strengthening the primacy of the multilateral trading system.

ECONOMIST: Capital letters

The Obama administration remains committed to the multilateral trading system and is leading the way in seeking achievable market-opening approaches on trade facilitation, services and information technology.

WSJ: Tom Donilon: The President's Free-Trade Path to Prosperity

With the Doha Round of multilateral trade talks moribund, this decision could shape the future of the world trading system.

WSJ: Bartering Over a Trans-Atlantic Trade Deal