Perhaps the best explanation of why bilateral trade agreements are so popular comes from Pascal Lamy, who was the predecessor to Peter Mandelson as Europe's trade commissioner.

Mr Lamy, now director-general of the World Trade Organisation, is fond of saying: "Politicians tell you that when they sign a bilateral agreement with a pal, they get on TV. When they are the 149th minister around the table at the WTO, they don't get on TV."