Since April 2007, the EU Commission has been entrusted to start negotiating a FTA with ASEAN countries. Being enshrined in the logic contained in its 'Global Europe strategy', the proposed EU-ASEAN FTA finds its economic rationale in the expected overall positive impact found by most econometric studies on the topic. This article argues that although beneficial, these studies are limited conceptually and methodologically. In particular, they are unable to tackle the issue of differentiated effects on several groups of stakeholders. By analysing, through a questionnaire, the opinion of a number of ASEAN stakeholders, this article brings complementary information on the perception of the planned EU-ASEAN FTA by these different stakeholders. Whilst offering many opportunities, the FTA presents also a number of risks, the most critical one being the costs of adjustment, particularly for poorer ASEAN member countries.