The Association of Southeast Asian Nations (ASEAN) has long pursued the ASEAN Power Grid that could promote energy security while increasing the renewable energy deployment into the grids. To inform the implementation of the APG, ASEAN Interconnection Masterplan Studies (AIMS III) Phase 3 will be conducted to lay out the foundation for establishing a multilateral power trade in ASEAN. As part of AIMS III Phase 3, the assignments laid out in this Terms of Reference will result in two reports on (i) the minimum requirements for multilateral power market and (ii) a strategy to establish a multilateral power trade in ASEAN. The implementation of this project will be done in close coordination with the ASEAN Power Grid Advancement Program (APG-) consortium members.