This paper focuses on the implications of trade in agriculture through an illustrative case study of rice in Bangladesh. The rice sector is selected since it predominantly occupies the total crop production. Rice constituted 95.43% of total crop production in 2003-04. This paper discusses the liberalization and its impact on the livelihood of small farmers. Illustrated with insights at grass roots level through case studies,it also provides a comparative analysis of support to agriculture in Bangladesh and the countries it is importing from, namely India, the largest exporter of rice to Bangladesh. Lastly, some agenda has been put forward, which may alter Bangladesh’s perspective for further negotiation in the WTO.