government contributes to the creation of such tensions in the future. So how does a country like Australia decide which countries should be prospective partners in bilateral trade negotiations? Applying the principle of non-discrimination, the answer is easy: any country that is genuinely interested in reducing its trade barriers is eligible, subject only to the opportunity cost of deploying Australia's negotiator talent in those negotiations. The good news is that this approach would save taxpayers the cost of absurdly hypothetical computable general equilibrium studies on the gains from so-called free trade agreements between the two countries. These studies, commissioned by advocates of particular bilateral trade deals, will inevitably report enormous potential gains to both countries. Modellers are handed the assumptions by government officials and the computer models produce the results sought. This process is best described as an expensive farce designed to hoodwink the public. The only value in such modelling would be analysis of a concluded deal -- not a hypothetical deal. This fourth Labor principle of trade policy could be titled the 'no-bull principle' or less provocatively, the transparency principle. The fifth and greatest principle is the grand unifying principle: that trade policy and microeconomic policy are as one; that they, in harmony with sound fiscal policy, constitute an economic reform program designed to lock in and increase prosperity and provide the dignity of work for all those who seek it. Guided by the grand unifying principle, the best trade policy is domestic economic reform: a productivity-raising, competitiveness