Multilateral trade liberalization has made little progress over the last period, but preferential agreements have multiplied. Recent economic literature helps understand the current negotiation game. New economic and political conditions, in particular the gaining influence of emerging countries, make a multilateral agreement more difficult. Developed countries have given up many of their bargaining chips in previous rounds of negotiation and their remaining agricultural tariffs are not sufficient for extracting the concessions from emerging countries on services, procurement, and intellectual property that would make an agreement possible. The risk of a more fragmented world calls for a revised negotiation agenda and a change in the status of developing countries. Research issues are outlined in order to help revitalize the Doha negotiation agenda.