EFTA has concluded bilateral agreements with the following countries, including dependent territories – and blocs: negotiations on the free trade agreement started in August 2006 and, through eight rounds of negotiations, both sides concluded negotiations in September 2008. The China-Singapore Free Trade Agreement is a comprehensive free trade agreement covering trade in raw materials, trade in services, personnel flows and customs procedures. The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded the following free trade agreements, see below. The pact will most likely formalize business between countries instead of reshaping it. R.C.E.P. abolishes customs duties mainly for products already eligible for a franchise regime under existing free trade agreements. Official entry into force on December 1, 2015. Once the agreement is fully implemented, 96% of Australian goods will arrive in China duty-free, while 100% of Chinese exports to Australia will receive duty-free treatment. However, the most important free trade agreement China has negotiated to date is with ASEAN. Together with the ASEAN bloc, which includes the Asian tigers of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, as well as small regional players such as Brunei, Cambodia, Laos and Myanmar, this unique agreement changes the development of Chinese and ASEAN production. Many Chinese commentators have focused on the rising cost of labor in China and have seen how many china-based companies are facing rising wages today. The ASEAN agreement offers a way out by allowing companies to shift production to other low-cost regions of Asia, take advantage of these lower costs while being able to serve the Chinese market through duty-free imports allowed by the free trade agreement. .