This work investigates the detrimental impact of preferential trade agreements on the global multilateral trading system. Jagdish N. Bhagwati, a renowned economist and professor at Columbia University, utilizes his extensive background in international trade theory to argue that the proliferation of bilateral and regional trade deals creates a complex, inefficient web of rules that weakens the World Trade Organization. He posits that these agreements act as 'termites' that erode the foundational principles of non-discrimination and global free trade.

Economists and policy analysts frequently cite this text as a critical, foundational critique of modern trade regionalism. Experts highlight the clarity of Bhagwati's arguments, noting that the text remains highly relevant for understanding the complexities of contemporary international trade negotiations.