The benefits and risks of regional integration are highlighted, in particular how they affect the ultimate goal of welfare through deepening and broadening the benefits of human development, narrowing the development gap between and within countries, and advancing common interests in a regional-rule setting. By virtue of the goal that potential benefits are to be capitalised and risks minimised, regional cooperation has great merit. Has the experience of Asia vindicated the conjecture? This seminar will discuss the trends and challenges of regional integration and cooperation in Asia. The potential benefits to be discussed include market access, risk-sharing, and pressuring domestic vested interest, and the risks include within-country inequality, and contagion and spillovers.