Introduction

In today's world where developing countries comprise the vast majority of nations and where a significant portion of the world's population is still suffering from crushing poverty, economic development is one of the most important global issues. The importance of international trade for successful economic development, as shown in the cases of South Korea, Taiwan, Singapore, Hong Kong, and, more recently, China, has been well documented, and it is important that the international governance and regulatory framework for international trade is structured in a way to facilitate, rather than hamper, the economic development of developing countries.