'Multilateral' trading system ...

i.e. the system operated by the WTO. Most nations - including almost all the main trading nations - are members of the system. But some are not, and that is why the word "multilateral" is used, instead of "global" or "world", to describe the system. 

In WTO affairs, the word has an additional important meaning. Here, "multilateral" refers to activities on a global or near-global level (in particular among all WTO members). It contrasts with actions taken regionally or by other smaller groups of countries. (This is different from the common use of the word in other areas of international relations where, for example, a "multilateral" security arrangement can be regional.)  Return to Slide 2