OK, this is how I could see trade-as a whole-occuring in Civ4. Credit goes to both DH_Epic AND Commander Bello for some of the ideas I present here

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1) You have 2 fairly similar ways to set up a trade deal: 'one on one' bilateral trade or an 'Open Trade'.
2) In the former, you approach a nation with whom you have both communications and a 'Friendship Agreement' (a friendship agreement that allows for trade deals to be done) and offer to buy, sell or trade a resource/commodity.
3) You set up the INITIAL trade deal in much the same way as you would in Civ3, but the base gpt value of the trade is automatically calculated based on the resource and the distance between your two nations (either distance between capitals OR the distance between the two nearest cities).
4) You can add or subtract items from the trade table, or convert the gpt into a lump sum, and the computer will recalculate the base price accordingly.
5) When you have settled on a total deal, you can then 'negotiate' the final price. You click on the gpt or lump sum gold figure, make any change to it you want in the pop-up, then press the 'haggle' button just underneath.
6) The other nation will either 'accept' the offer, or give a 'counter-offer'. This you can either 'accept', or type in a new number and press the haggle button again.
7) This process can be repeated X times before the deal will ultimately collapse, and if you do it too often, then your reputation with that nation will drop (how much depends on how 'fair' you were truly being in your negotiations)-further still if the negotiations fail completely.
8) If a final price is agreed on, then the most efficient trade route will appear on the mini-map at the bottom of the negotiation screen, with the cost of the trade-route also being highlighted (cost being based on the base speed/strength of the route, its distance, and the # of third party cities it travels through). The player can click on the trade-route, in the map, and drag it into any conformation he wishes-though 'impossible' trade-routes will appear in red, and 'prohibitive' trade routes will appear in yellow.
9) Each city, belonging to either of the trading partners, the trade route passes through will gain an income benefit from the trade route based on the city's wealth AND the value of the trade route.
10) Trade routes will be invisible to all accept the two trading partners AND any third party nations the trade route passes through (and even third parties can only see the part which effects them directly). Other nations will only see it via successful espionage or by having a unit within sufficient range of where the trade route runs.
11) Trade routes can be disrupted/pillaged directly-via units-or indirectly via commercial sabotage. The chance of directly attacking a trade route will depend on the units attack strength and the strength of the trade route. Some units will get an AS bonus to disrupting and/or pillaging a trade route.
12) A trade routes speed and/or strength can be adjusted and/or upgraded-for a cost. Upgrading a trade route can be done as you achieve the appropriate techs, and is done in almost exactly the same way as upgrading units (i.e. a one off cost which increases the strength and/or speed of the route(s)) Adjusting a trade-route has an 'indirect cost'. If you lock either the speed or the defense of the route, then adjust the other setting, then the cost of the trade route will increase. For instance, lets say you had a trade route with a strength of 4, and a speed of 3. You want to speed up the route (thus boosting its gpt value), but don't wish to sacrifice its strength. Therefore, you LOCK the strength of the trade route, then adjust the speed from 3 to, say, 5. This gives a minor boost to your per turn income, but will add to the cost of the trade route. If neither setting is locked, then adjusting one will have the opposite effect on the other (so increasing speed reduces strength, and vice versa).
13) Lastly, if you place a resource on the 'Open Market'-via your trade screen', you choose the resource, the # of units, and your asking price in the 'Open Market' screen. Then, at the start of your next movement phase, you will recieve messages telling you how many civs-that you have communications with-have responded to your offer, and how much they are offering. You then accept a particular nations offer, at which point the standard negotiating screen pops-up. Here you can fine tune your offer, and haggle as normal-though you will be severely limited on how many haggles you can make (and pay a higher rep penalty if you do

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Anyway, I know thats a LOT of information, but I hope it all makes sense.
Yours,
Aussie_Lurker.