This article looks at the present state of the ‘culture and trade debate’ by tracing the developments that have taken place since the adoption and entry into force of the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions on 18 March 2007. It examines whether actual progress has been made in the regulatory field addressing the issues of trade liberalization, on the one hand, and cultural diversity, on the other. Against a strong sentiment of a déjá vu, the evaluation is based on scholarly writings on the expected legal impact of the Convention as well as novel regulatory problems in the field of the cultural industries. It also briefly looks at the work of the bodies established under the UNESCO Convention and, last but not least, reviews it in light of the recent Appellate Body Report in China – Measures Affecting Trading Rights and Distribution Services for Certain Publications and Audiovisual Entertainment Products.