The 11th WTO Ministerial Conference in Buenos Aires demonstrated the sophisticated development of the modern multilateral trading system. Contradictions between WTO members do not allow concluding negotiations on key issues, however, at the same time new initiatives are put forward. The paper reveals the trends in the development of the multilateral trading system under the Doha Round and the position of the Latin American countries in the negotiation process. The results of the Ministerial Conference are assessed from a perspective of threats and opportunities for Latin America.