Generally speaking, the thrust is expected to be toward bilateral rather than multilateral agreements, with the emphasis on reciprocal arrangements. Here, I share the Templeton Emerging Markets Group's overview of what happened in the emerging-markets universe in the fourth quarter of 2016, including some key events, milestones and data points going back a bit further to offer some perspective. In addition, lower commodity prices have helped to moderate inflation, boosted consumer purchasing power and enabled the implementation of reforms and accommodative monetary policies, all of which have supported economic growth.