ASEAN has five free trade agreements (FTAs) with six Dialogue Partners, namely China, Japan, Republic of Korea, India, and Australia and New Zealand.  All Parties have ratified the FTA Agreements. The objectives of these FTAs are to:

  1. Act as a catalyst in strengthening ASEAN’s trade and economic relationship with China, Japan, Republic of Korea, India, and Australia and New Zealand among ASEAN Member States and the Republic of Korea by creating a large free trade area to provide economies of scale for companies;
  2. Enhance economic competitiveness of ASEAN and these countries as well as increase the standard of living of the people through the progressive liberalization and promotion of trade in goods and services and the creation of a transparent, liberal, and facilitative investment regime.
  3. Enhance economic integration of ASEAN and these East Asian countries and provide a building block for the creation of Regional Comprehensive Economic Partnership (RCEP) Agreement and thereby assisting in reducing the development gaps.
  4. The creation of a huge free market covering and these East Asian countries will bring dynamic benefits to the region since it will attract more foreign direct investments, which will subsequently create more jobs and facilitate the transfer of advanced technology.