The results of our analysis can provide guidance for ASEAN policymakers about the relative merit of the different permutations. The results will also inform us about the division of benefits from an FTA between ASEAN and its FTA partner(s). A large and growing empirical literature has used the CGE model to estimate the output and walfare effects of FTAs among East Asian countries, including ASEAN. [See Cheong (2003), Ando (2009), Ando and Urata (2006), Kawai and Wignaraja (2008), and Lee and van der Mensbrugghe (2007)]. The overall evidence from the literature indicates that an A+3FTA would deliver bigger output and welfare gains for ASEAN and the PRC, Japan, and the Republic of Korea than bilateral FTAs between ASEAN and individual members of the Big Three. Our study extends the literature in two ways. First, we augment the CGE-based quantitative analysis used by the existing studies with qualitative analysis that looks at how well the different FTAs satisfy various theoretical criteria for integration. Second, we use a CGE model that not only captures the usual static effects of FTAs, but also the effects of FTAs on capital accumulation over time. This expanded CGE model takes into account the relationship between trade, investment, and growth.