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The trading system should be

  • Without discrimination: a country should not discriminate between its trading partners (giving them equally “most-favoured-nation” or MFN status); and it should not discriminate between its own and foreign products, services or nationals (giving them “national treatment”).
  • Freer: barriers and constraints coming down through negotiation.
  • Predictable: foreign companies, investors and governments should be confident that trade barriers (including tariffs and non-tariff barriers) are not be raised arbitrarily; tariff rates and market-access commitments are “bound” in the WTO.
  • More Competitive: discouraging “unfair” practices including export subsidies and dumping.
  • More Beneficial for Developing, less developed countries:  giving them more time to adjust, greater flexibility, and special privileges for implementation.