Open regionalism

• Commitment to most-favored-nation (MFN) liberalization.
• Comprehensive product coverage in goods and services with few exclusions.
• Reducing transaction costs at borders.
• Expanding the scope for competition, trade creation and minimizing trade diversion.

Deep integration

• Inclusion in regional arrangements of liberalization commitments that go far beyond the multilateral agreements.
• Commitments in areas such as investments, intellectual property rights, competition policy, standards, and trade facilitation at a regional level.
• Has the potential to improve institutions and impart credibility to trade reforms.
• Alleviate trade development and supply constraints.