Based on the current situation of trade cooperation among China, the United States, Japan, South Korea, India and ASEAN, this paper uses the stochastic frontier gravity model to measure and compare their trade efficiency from 2000 to 2020. The results show that the trade competitiveness of China, the United States, Japan, South Korea and India in ASEAN market is stronger than the complementarity, but the complementarity is increasing in recent years. Higher levels of economic development, larger population, regional trade agreements, transport infrastructure and increased net inflows of foreign directinvestment have positive impacts on the trade efficiency of major trading partners and ASEAN countries. Whether it is at the overall level or the product level, the trade efficiency changes between ASEAN and its major trading partners show strong convergence. The long-term high level of trade efficiency and spatial balance between China and ASEAN significantly enhance the “comparative advantage” of trade development. To promote the sustainable development of China-ASEAN trade cooperation and realize “new competitive advantages”, we should further reduce barriers to trade efficiency, continuously optimize the mix of import and export products, expand the depth and breadth of cooperation with ASEAN countries, and strengthen cooperation with other ASEAN trading partners.