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Analysts reckon that full liberalisation of ownership would attract more businesses.Investor protection is another worry.
The European Commission is committed to full liberalisation of postal services across Europe by 2006.
But do such accords help or hinder the cause of full liberalisation?Mr Bhagwati insists that they hinder it.
Full liberalisation would boost the real value of agricultural and food output by 34% and real net farm income by 46%, according to calculations by the World Bank.
Andris Piebalgs, the commissioner for energy, and Neelie Kroes, the competition commissioner, are making an extra effort in the run-up to the final deadline for full liberalisation.
This is the prelude to the full liberalisation of Germany's postal market from 2003, something that Deutsche Post keenly advocates.Most of the other postal operators are more ambivalent.
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But the BRICs have opened up without the full market liberalisation championed by the "Washington consensus".
It is this experience that has led me to the conclusion that full trade liberalisation is not the way forward.
Earlier this month it threatened to punish aggressive discounters with fines and even jail sentences.Fearing even more chaos, the government has shied away from full price liberalisation.
The course of international trade since 1945 shows that an unfettered global market can fail the poor and that full trade liberalisation brings huge risks and rarely provides the desired outcome.
In early 2002, just after the Doha round was launched, it estimated that the efficiency gains from full trade liberalisation would boost developing countries' increase by almost $200 billion and reduce the number of extremely poor by over 100m.
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Justyna Jupowicz-Kozak
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