Unlike the statement made by the G20 Finance Ministers last year, which asked members to resist “all forms” of trade protectionism, the communique released at this weekend’s G20 meeting in Baden Baden contains no such statement, nor does it refer to a commitment to a multilateral trading system. While there is no need to rush to any judgement, as we wait to see the final communique from the G20 leader’s summit in July this year, it may be useful to reflect on some of the lessons learnt about the role of free trade.