Baldwin, Richard.
The last time multilateral trade rules were updated, Bill Clinton was in his first term of office, data was shared by airmailing 1.4 megabyte HD floppy disks (few people had email), cellphones looked like bricks and calling costs were measured in dollars per minute. Trade mostly meant selling goods made in a factory in one nation to a customer in another.Simple trade needed simple rules – a fact reflected in both multilateral and regional trade agreements.
Πηγή: CEPR