The completion of the Uruguay round promised a new era in international trading relations. However, there remains a wide range of issues which could threaten international trading stability, including regionalization and regionalism, increased non-tariff forms of protection and the proliferation of unilateral and bilateral trade deals. This work assesses both the immediate impact of the GATT deal and the future of the world trading system. It concludes with an assessment of the long-term possibilities for creating a mutually beneficial world economic system.