The Australian government has signaled an interest in regional trade agreements and successfully signed Free Trade Agreements (FTAs) with Singapore, Thailand and the US, as well as a Closer Economic Relations Trade Agreement with New Zealand. The Australia-China Free Trade Agreement (ACFTA) is already in the process of being negotiated by the two governments. This study applies the Computable General Equilibrium (CGE) modelling approach, using the Global Trade Analysis Project (GTAP) model and its database version 6 for a quantitative analysis of the economic effects of proposed ACFTA. This book takes a fairly non-technical approach to present difficult material in an easily approachable framework. It will be appealing to a variety of reader including policy makers, politicians, academics, students and the like. It draws on the experience of RTAs that Australia has embarked on, in response to the slowdown in multilateral trade liberalisation option. The empirical results are particularly useful to many Asian economies that contemplate negotiating FTAs with Australia.