This article summarizes some of theresults and findings emerging from an ongoing World Bank aresearch and capacity-building project that focuses on theWorld Trade Organization (WTO) negotiating agenda from adeveloping country perspective. Recent research suggeststhat the potential gains from further multilateralliberalization of trade remain very large. The payoffsassociated with attempts to introduce substantivedisciplines in the WTO on domestic regulatory regimes aremuch less certain. This suggests that the focus of currentand future negotiations should be primarily on the bread andbutter of the multilateral trading system-the progressiveliberalization of barriers to trade in goods and services ona nondiscriminatory basis. In addition, priority should begiven to ensuring that rules are consistent with thedevelopment needs of poorer countries and to helpingdeveloping countries implement WTO obligations.