and then start negotiating a new agreement. The current round of negotiations is called the Doha Round

because it was officially launched in Doha, the capital city of Qatar, in November 2001. In 2010, the WTO noted

that the Doha Round’s emphasis on market access and reforms of agricultural subsidies could add $121–$202

billion to the world economy.

In the context of a global economy that currently produces more than $80 trillion of goods and services each

year, this amount is not large: it is an increase of less than 1%. But before dismissing the gains from trade too

quickly, it is worth remembering two points.

• First, a gain of a few hundred billion dollars is enough money to deserve attention! Moreover, remember

that this increase is not a one-time event; it would persist each year into the future.

• Second, the estimate of gains may be on the low side because some of the gains from trade are not
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