Asia has been successful in negotiating a number of bilateral and regional FTAs, and has plans for several plurilateral agreements. This process is very recent; outside of AFTA (1992), the first bilateral FTA in the region, between Singapore and New Zealand, was signed only in 2000. If one includes all of the proposed agreements at various levels of discussion and negotiation, as well as the others that will emerge in response to these, it is easy to forecast a complicated web of formal relationships, of various degrees of depth, binding the region together. We consider some of the more salient components of FTAs that require close attention and analysis in the development of outward-oriented, efficient FTAs. They are including: Product coverage: Goods, Services, Rules of Origin, Customs Procedures, Intellectual Property Protection, Foreign direct investment, Anti-dumping, Government procurement, Competition, Technical Barriers to Trade (Michael G. Plummer, 2006). The research is based on primary data and secondary data drawn from sources such as journals. In this context, the present paper attempts to identify the role and significance of Free Trade on East Asian economy.