The ASEAN-China Free Trade Area is the world`s largest free trade area in terms of population and, after the European Union and NAFTA, the third largest in terms of nominal GDP. The original free trade agreement reduced tariffs on nearly 8,000 categories of products or 90% of imported goods to zero. These favourable conditions have entered into force in China and in ASEAN home members such as Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Cambodia, Laos, Myanmar and Vietnam will also implement these conditions in 2015. This is a list of free trade agreements between two parties where each party could be a country (or other customs territory), a trading bloc or an informal group of countries. As far as trade in goods is concerned, at least 90% of the products of both parties will gradually have duty-free access to the markets of the other. With regard to trade in services, Costa Rica will open 45 additional sectors to China, including telecommunications, education and tourism, while China will open seven service sectors in Costa Rica. EFTA has concluded bilateral agreements with the following countries – including dependent areas – and blocs: negotiations on the free trade agreement began for the first time in September 2004, when the trade ministers of the two countries met on the margins of the ASEAN Plus Three Economy Ministers` Meeting. The first round of negotiations was launched in May 2012.
The two sides signed the free trade agreement in June 2015, after 14 rounds of negotiations.