Jagdish Bhagwati, one of America’s leading economic and political analysts of international trade policy, has just completed a new book, Termites in the Trading System: How Preferential Agreements Undermine Free Trade (Oxford University Press/Council on Foreign Relations, June 2008). The theme and conclusions of Bhagwati’s study will be discussed at this AEI book forum, where the Columbia University academic, AEI adjunct scholar, and frequent adviser to leaders of the World Trade Organization will present his analysis of and recommendations for the future of the multilateral trading system. Following Bhagwati’s presentation, Brian Hindley, a senior fellow at the European Centre for International Political Economy, and AEI resident scholar Philip I. Levy, both of whom are experts on the roles of preferential trade agreements in international trade policy, will comment.