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The current study evaluates the economy wide impact of trade liberalization in ASEAN region along with China, Japan and Korea (ASEAN+3) by the year 2020 using GTAP framework. The study also assesses the environmental impact of the trade liberalization in the region focusing on the seven environmental indicators (CO2, CH4, N2O, BOD, COD, Suspended Solid and Industrial Waste). The result shows that the countries under agreement (ASEAN+3) will be benefited with increased output, expansion of trade and welfare due to trade reforms. Further, the integration will increase the global welfare, though the regions not under agreement in the world will show a decline in output growth. Vietnam will be gaining with highest output growth among the ASEAN region, the impact on the environment would not be favourable, however. The environmental impact reveals a mixed outcome for participating countries under the agreement. The paper provides useful insight in pursuing greater trade liberalization among the countries under the study.
