The new free trade bloc will be more important than the agreement between the United States, Mexico and Canada and the European Union. Southeast Asian heads of state and government met in Bangkok for a three-day summit, which is expected to be dominated by trade. ASEAN members are trying to complete a Chinese-backed plan to create the world`s largest free trade area. The amendments to the free trade area framework mainly concerned Vietnam. These changes should help Vietnam to reduce tariffs and set deadlines as guidelines.  With improved access to Hong Kong`s trade network, its proximity to mainland China and China`s Belt and Road Initiative, foreign and domestic companies should be prepared to take full advantage of the benefits of the free trade agreement. The trade deal allows China — by far the largest economy and most populous country in the region — to call itself a “champion of globalization and multilateral cooperation,” Gareth Leather, chief Asian economist at Capital Economics, said in a report. Read more: The real winners of the US-China trade dispute The ASEAN-China Free Trade Area (ACFTA) is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People`s Republic of China. While China already has a number of bilateral trade agreements, this is the first time it has signed a regional multilateral trade pact. When the trade restrictions were removed, both sides agreed to lift restrictions on foreign participation and the number of employees.