This report was prepared by the Regional Cooperation and Integration Division (ERCI) of the Economic Research and Development Impact (ERDI) of Asian Development Bank (ADB). It was supported by the ADB technical assistance project, TA 6740: Raising the Value of Regional Trade Agreements—Key Factors for Successful Implementation and Positive Economic Impact, financed by ADB’s Technical Assistance Special Fund and the Regional Cooperation and Integration Fund. The authors are Pramila Crivelli, ERCI economist; Stefano Inama, chief at the United Nations Conference on Trade and Development; and Mark Pearson, ADB consultant. Paulo Rodelio Halili and Pramila Crivelli coordinated the production of this report under the supervision of Jong Woo Kang, director, ERCI. Jeremy Marand, ADB consultant, provided data and editorial assistance.