The formation of regional groupings to promote free trade between groups of countries has been common in recent decades. A total of 108 regional agreements have been notified to the GATT since its inception. The 1990s have been a particularly active time for regional initiatives, 33 has been signaled to the GATT since 1990. The growing interest in such arrangementts, naturally raises questions about their relationship to multilateralism, which has been the cornerstone of international economic relations in the post-war period. This paper addresses the implications for the world trading system of the apparently growing trend towards regionalism. It focuses on general issues, but also makes a few remarks specific to agriculture and agricultural trade. (MV)