This paper was delivered by Professor Jagdish Bhagwati, Arthur Lehman Professor of Economics and Professor of Political Science at Columbia University, at a public lecture organized by ISEAS. Professor Bhagwati talks about the threats to free trade that we face today, especially threats to multilateralism in free trade which can take two forms: those that directly attack the notion of multilateral free trade and those that indirectly undercut it by supporting trade arrangements that undermine the spirit and principles of multilateralism.