This lecture addresses the current role of the WTO, its relationship to preferential trade agreements, in particular TPP and the emerging TTIP between the US and European Union, which all rely upon WTO disciplines. It looks at the WTO and these agreements forming a system of common law of international trade and draws conclusions for the future architecture of dispute settlement and for a future agenda of negotiations at the WTO, focussing on regulatory issues in different sectors and combining goods, services, intellectual property, competition and investment rules.