There is an interesting webcasting on the WTO website (WTO Forum), featuring a brief, yet well-pointed, debate on the merits and demerits of regional trading agreements (RTAs) between Jagdish Bhagwati (an international trade guru, Columbia University Professor) and Gary Hufbauer (a well-known trade commentator at the Peterson Institute). Prof. Bhagwati has observed that RTAs, compatible with the GATT/WTO in principle (GATT Article XXIV), marginalize the WTO and its MFN (non-discrimination) principle in the current form of proliferation (350-400 RTAs). He has also problematized the "spaghetti bowl" phenomenon of rules of origin as well as development concerns that RTAs tend to generate. He used the Latin phrase ("caveat emptor") in warning poor countries negotating RTAs with rich countries, such as the U.S. He has argued that while their preferential tariffs are soon to be eroded by other occasions of trade liberalization, many unfair elements tolerated in return for such tariff preferences will remain. In contrast, Mr. Hufbauer has emphasized that any form of trade liberalization is a virtue and that a main reason for the current proliferation of RTAs should be found in the stalemate of the multilateral trade rounds under the WTO. He has also viewed that the current WTO membership (151) makes any trade negotiation in it tedious and that some domestic governments prefer quicker results.