In October 2003, China signed the Treaty of Amity and Cooperation in Southeast Asia (TAC) and established a strategic partnership with ASEAN. In 2020, marking the 10th anniversary of the full establishment of the China–ASEAN Free Trade Area (CAFTA), ASEAN became—historically—China’s largest trading partner in goods. At the end of 2020, China, ASEAN, and other regional economies signed the Regional Comprehensive Economic Partnership (RCEP), creating the world’s largest free trade area. However, behind the counter-trend growth in trade, risks also arise from differences in politics, culture, economics, and legal systems.