Not far behind the two are three of Asian largest economies Japan, China and India with more FTAs signed.

India, Singapore, Sri Lanka, and Thailand are those countries which are conducting negotiations with most countries, presently.

The progress of FTAs in separate reports by members of Asia News Network, an alliance of 14 newspapers in 12 Asian countries, put the total FTAs completed, under negotiations, and under study at more than 80.

The number FTAs around the world rose sharply from 79 in 1995 to 208 in 2004.

Compared to America or Europe, Asians were not known to be active in creating FTAs. Asean Free Trade Area, established in 1992, was the only major regional FTA until Japan and Singapore signed FTA ten years later. Over the past few years, however, Asian is perhaps the busiest region in working on FTA deals. Singaporean trade envoy even described the government's decision to enter more than 10 FTA talks at one time as "promiscuous."

The emergence of FTA interest can be attributed to various factors. In the mid 1990s when the Uruguay Round almost collapsed, the number of new regional trade arrangements has risen considerably because the governments have been impatient with the slow process of multilateral trade talks.