The article examines the impacts of a potential East Asia Free Trade Agreement using a computer model. It considers not only trade in goods but also factors like capital accumulation and trade facilitation. The study shows that an ASEAN 3 FTA would benefit all member countries the most. It also finds that sectors in many countries would see increases in output and trade, even if some sectors might see a decrease in output. Overall, the more countries are involved in the FTA and the more trade and investment are liberalized, the greater the benefits for all members.