Bilateralism, Multilateralism, and Trade Rules.

The January 9, 2012 issue of "FRBSF Economic Letter" is presented. It reports on the worldwide bilateralism, multilateralism and trade rules that offer cost and efficiency benefits and present an opportunity to optimize the use of the world's resources. It also discusses the Doha Round of trade negotiations, multilateral agreements versus preferential trade agreements, trade creation versus trade diversion, and the spaghetti bowl syndrome.