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註釋The existence of multilateralism and regionalism is of concern to many policy makers and academics with respect to the future course of the world economy. More specifically, there is a widespread perception in academic circles that increased trade regionalism undermines the multilateral trading system. This study seeks to determine whether AFTA promotes the objectives of the WTO. In the 1990s, formation of numerous free trade areas around the world was seen. Among them, the ASEAN Free Trade Area is at the forefront of trade liberalization among developing countries. It has been founded in 1992 and it aims to increase ASEAN’s competitive edge as a production base geared for world market. However, ASEAN’s efforts to push for regional free trade must be viewed in the context of the multilateral trading system under the WTO.