More open trade contributes to mitigating the key drivers of volatility by increasing the size and scope of markets and diluting the magnitude of shocks, effectively by facilitating wider supply and demand response. Yet, international trade has also been seen as a threat, both to the well-being of individuals suffering from the pressure of international competition and to price stability on domestic markets. Markets have long been highly distorted not only by trade policies but importantly by production-linked domestic support regimes which have encouraged excess supplies in international markets. A well functioning trading system, with transparent rules and disciplines is essential if all countries are to discover the benefits of trade, and if its potential benefits in reducing price volatility, both on domestic and international markets are to be realised.