Given the rapid emergence of regional economic arrangements in Asia, especially in Southeast Asia, it is useful to understand clearly what regionalism implies for the region, as well as to take stock as to the far-reaching and complicated effects of formal economic cooperation and integration....

Many economists tend to be skeptical of the merits of Free-Trade Areas (FTAs) due to their second-best nature, while others support them under certain conditions, particularly as they allow for a more comprehensive treatment of trade- and investment-related issues than is currently possible...