The failure of the WTO's Doha round of trade negotiations has led to a new era of bilateralism. Emerging market countries refused to sign a multilateral trade agreement with the U.S. and EU, who were unwilling to reduce agricultural subsidies enough to provide an even playing field.

Instead, countries are signing bilateral agreements with each other to gain the resources and free trade markets needed to grow. These bilateral agreements are further shifting the balance of economic power towards emerging markets.

Related Articles

U.S. cuts farm subsidies $10 billion -- Doom for Doha

WTO talks fail again -- Good news for agribusiness

U.S. European Summit meeting - Stalemate on WTO talks

Doha round of WTO trade talks stalls

WTO talks fail - now what?

What you need to know about the December WTO summit

Like these articles? Sign up for your free email newsletter.