This ACFTA for goods would soon be complemented by services and investments, with aggressive monitoring of negotiations on these relevant areas in 2005. After the first six signatories reached their target by 2010, the CLMV countries (Cambodia, PDR, Myanmar, Vietnam) pursued the same customs policy, with the same goal to be achieved by 2015. [6] In 2010, the ASEAN-China Free Trade Area became the largest free trade area in terms of population and the third largest in nominal GDP. It was also the third volume of trade after the European Economic Area and the North American Free Trade Area. [12] [7] The framework agreement was signed on 4 November 2002 in Phnom Penh, Cambodia, by eleven heads of government. [4]: Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir bin Mohamad (Prime Minister Minister of Malaysia), Than Sh (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Ven Khi (Prime Minister of Vietnam) , Zhu Rongji (Prime Minister of the State Council of the People`s Republic of China). [4] [5] This ACFTA will create an economic region with 1.7 billion consumers, a regional gross domestic product (GDP) of about $2 trillion and an estimated total trade of $1.23 trillion. It is therefore the largest free trade agreement in the world relative to the size of the population. The Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China (ACFTA Agreement) was signed in November 2002. The ACFTA agreement contained provisions on economic cooperation and areas of cooperation.

In November 2015, as part of joint efforts to raise ASEAN-China relations to a higher level, the parties agreed to sign the protocol amending the Framework Agreement on Comprehensive Economic Cooperation and certain agreements between the Association of Southeast Asian Nations (ASEAN) and the People`s Republic of China (the Protocol). As part of the protocol, the parties agreed to review and implement, on the basis of mutual benefits, economic cooperation activities in the following areas: The WIG Agreement, signed on 29 November 2004, is one of the enabling agreements under the framework agreement. It has set the terms and conditions for reducing and eliminating tariffs for tariff lines either on the normal route or on sensitive rail. The first phase focused on the first six signatories who, until 2010, expressed support for the abolition of their tariffs on 90% of their products. [6] Between 2003 and 2008, trade with ASEAN increased from $59.6 billion to $192.5 billion. [7] China`s transformation into a major economic power in the 21st century has led to an increase in foreign investment in the bamboo network, with a network of Overseas Chinese companies operating in Southeast Asian markets and sharing family and cultural ties. [8] [9] In 2008, ASEAN members and the People`s Republic of China had a nominal gross domestic product of about $6 trillion. [10] [11] Separately, China signed a bilateral free trade agreement with ASEAN member Singapore in October 2008. Beijing has also developed many separate, smaller and more specific bilateral agreements with ASEAN neighbours, such as the famous investment agreements between the Philippines and China (the theme of major corruption scandals in the Philippines in 2007), harmonized food security standards with Thailand (to facilitate agricultural trade) and numerous agreements with the Mekong Delta countries.