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protection to the weak whereas bilateral trade relations would favour the strong. Yet, the asymmetries and the inequalities implicit in the Dunkel text leave this basic proposition open to question; and our faith in multiateralism may turn out to be naive. The interests of the industrialised countries are the focus of attention, while the interests of the developing countries are the object of neglect. The benefits for us are negligible. The costs may be substantial. The time has perhaps come for the government to evaluate with utmost care the cost and benefits of an unequal international trading system, which bestows few rights and imposes many obligations on the developing countries. It is not obvious that we would be worse-off without it.