This report includes a comparative analysis of the content and scope of 34 chapters/sectoral annexes of the following five Free Trade Agreements (FTAs), namely: 1) the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA); 2) the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); 3) the Agreement between the United States, the United Mexican States and Canada (USMCA); 4) the Additional Protocol to the Framework Agreement of the Pacific Alliance; and 5) the Regional Comprehensive Economic Partnership Agreement (RCEP).

The objective of this report is to identify areas of convergence and divergence among the aforementioned FTAs. The analysis show that most chapter topics have medium to high levels of convergence. In addition, the report identifies emerging and future trends potentially shaping international trade and investment. APEC economies could engage in regional discussions on these trends, by expanding the trade and investment rulebook in the region and strengthening the case in advancing the Free Trade Area of the Asia-Pacific (FTAAP) agenda to contribute to high standards and comprehensive undertakings.