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This report analyzes the environmental impacts of the ASEAN-China Free Trade Agreement (ACFTA) on the Greater Mekong Sub-region (GMS), with a specific focus on Cambodia. It examines how tariff reductions have driven trade flows and the resulting pollution intensity, noting that while some countries experience 'pollution gains' by importing dirty goods, this often shifts environmental degradation to the producer, primarily China. The report also highlights the risk of natural resource depletion, particularly deforestation and overfishing in Cambodia, driven by increased demand for wood, rubber, and fish.