Lots remains to be done, of course, in terms of trade and economic relations.
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But the deterioration in the terms of trade can also generate its own momentum.
Lane argues this compartmentalization invites leaders to think in terms of trade-offs, not integration.
In terms of trade, it is also time to develop a more ambitious common framework for investments.
GDP, less than half the terms of trade loss from each of the 1970s oil price shocks.
Despite worsening terms of trade and appreciation of our currency, the trade deficit is the same as last year.
Short of a big economic wobble in China, the terms of trade will stay at their highest level in 140 years.
Boom Australia, which is centred on the resources sector, is contributing to the country's best terms of trade in 140 years.
Reverse the situation, the Dollar was stronger and so by simple definition U.S. goods lost an edge in the terms of trade.
Second, higher oil prices lead to a shift in the terms of trade that transfers income from oil consumers to oil producers.
However, some countries may suffer a loss in their terms of trade, notably poor ones whose imports and exports are similar to China's.
It is precisely this kind of cruel twist in the terms of trade, Mr Sen argued, that can bring a community to its knees.
The country's terms of trade - the price of its exports relative to its imports - has risen by more than 80% since 2000.
As a result, Australia's terms of trade (the ratio of the prices of exports to imports) is at its highest level for 30 years.
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"It gives the clunker a little bit more value in terms of trade-in, " said Wood, who has no plans to trade in his 2007 Mercedes.
Being a large closed economy it has less to lose by moving too early in terms of trade diversion to other Asian exporters, says Booth.
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In its latest World Economic Outlook, the IMF identifies four reasons: China's exchange rate, its terms of trade, global spending and China's own investment expenditure.
At the moment, the terms of trade favour publishers too much.
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To many Burmese, however, Myitsone came to represent everything that they hate about the unequal terms of trade between resource-rich Myanmar and its resource-hungry neighbour.
"But Shanghai has always been known as the 'Paris of the East' and, even before that, the city was important in terms of trade, " he said.
As a result, the US-EU economic relations have become the most intense in the world (in terms of trade in goods as well as investment flows).
If the home industry makes too much, it will depress the price of its exports on world markets, damaging the country's terms of trade, and hurting workers.
In recent years the U.S. has improved relative to Japan in terms of productivity and the terms of trade, and the interest-rate differential has widened in America's favor.
If our exports are sold to businesses but what we import is sold to consumers then worsening terms of trade will cause consumer prices to rise faster than labor costs.
The price boom had a big effect on sentiment and of course terms of trade but in terms of actual activity delivered into the Australian economy, it's been quite modest.
In point of fact, viewed in terms of trade in goods and services, these are the nations that bear most on the U.S.: Canada, Mexico, Japan, China, the U.K. and Germany.
The former defence secretary Liam Fox will use a speech this morning to argue for an economic policy which he will argue would change the "terms of trade in the political debate".
The second idea, which followed on from the first, was that Labour so dominated the political landscape that it had changed the terms of trade on the issue of taxing and spending.
These included a bonus from the stabilisation, opening and reform of the economy in the 1990s, and a huge lift in the country's terms of trade, thanks to China's appetite for commodities.
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