Abstract: The experiences of Asian countries suggest that the region has substantial economic potentials and synergies between these countries can be better tapped with comprehensive economic cooperation. With this approach formation of an Asian Economic Community is not too far away from now. Next phase of liberalisation in Asia should focus on deep economic integration. Sitting on the driving seat, ASEAN’s economic liberalisation in Asia. The core issue is , which group of countries between ASEAN+3 and East Asian Summit (EAS) countries, would elicit maximum benefit to the region in general and ASEAN in particular? Using an Applied General Equilibrium model in a monopolistic framework, the paper suggest that next Round of economic liberalisation may start with EAS.