This paper is a part of the research undertaken at ICRIER for the project “Capacity Building for Implementing Private Sector-Led Integration in South Asia – An Analysis of Economic Effects of Intensified Regional Cooperation and Integration”, commissioned by the Asian Development Bank (ADB), Manila, Philippines. The authors would like to acknowledge the invaluable comments on the preliminary draft received from Prof. T. N. Srinivasan, Dr. Ashok Desai and Amb. Hemant Krishan Singh. We would also like to thank the participants of the Second and Third Workshops on “Integrating South and East Asia: An Analysis of the Economic Effects of Intensified Regional Cooperation and Integration” at Seoul, Republic of Korea and Manila, Philippines, respectively.
