Economic Effects of Regional Integration : A Comparative Study of Europe and East Asia

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A comparison between regional integration in East Asia and that in Europe has provided the following results. First, economic welfare of East Asian countries would be increased more from the promotion of "open region" than from the establishment of an EU-like customs union. Second, in both regions the welfare effects of trade facilitation and reductions in the trade and transport margins resulting from increased competition are greater than those of tariff elimination among the members. Third, while EU enlargement adversely affects China and ASEAN's exports of textiles and clothing, regional integration in East Asia has limited effects on output of European industries.