The future of Asian trade - Asia's economic success is built on trade, but as the U.S. and Europe recover their trade prowess, Asia has adapted. CNBC's Martin Soong reports.

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Home to the world's second- and third-largest economies, China and Japan, Asia has long been a trading power to be reckoned with.

With total exports and imports of more than four trillion dollars, China is now the top global trading nation - surpassing even the US. And this powerhouse is driving trade in Asia.

Trade in this region is growing faster than in the rest in the world and also it's not just a question of manufactured trade more and more in the region you're getting into knowledge-based and you're going more into the services.

Besides China another much-talked-about driver of growing regional trade is the ASEAN Economic Community or the AEC.
It is the blocks grand vision for a single market and production base and a way to deepen ASEAN's export basket.

The Southeast Asian Nations are not just stopping it one pact. There are other trade agreements also in the works, like the 12-member transpacific partnership or TPP, which include three Southeast Asian Nations and accounts for nearly 40 percent of world GDP.

There are also trade negotiations that involve ASEAN and six
of its top trading partners in the region including China.

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