ASEAN and China negotiated details of the FTA based on a sequential approach: (a) the Trade in Goods Agreement was signed in 2004 entered into force in 2005; (b) the Trade in Services Agreement was signed in 2007 and entered into force in 2008; and (c) the investment Agreement was signed in August 2009 and entered into force on 1 January 2010.

The ASEAN-China Trade in Goods Agreement when fully realized by all 11 Parties will see elimination of import duties on 94% of the tariff lines. More than 90% of the tariff lines for ASEAN-6 (Brunei Darussalam, Indonesia, Malaysia, The Philippines, Singapore and Thailand) and China are already eliminated as at 1 January 2012.

The ASEAN-China Free Trade Area has a total population of 1.91 billion with a combined GDP of US$10.54 trillion (2012).