1. Introduction -- 2. The Theory of Trade Agreements -- 3. The History and Design of GATT and the WTO -- 4. Reciprocity -- 5. MFN -- 6. Enforcement -- 7. Preferential Trading Agreements -- 8. Labor and Environmental Standards -- 9. Competition Policy -- 10. Agricultural Export Subsidies -- 11. The Practical Relevance of Terms-of-Trade Considerations -- 12. Conclusion