Note: ϕ1 is the coefficient of FTA_1 which denotes exports among member countries. ϕ2 is the coefficient of FTA_2 which denotes exports from member countries to non-member countries. ϕ3 is the coefficient of FTA_3 which denotes exports from non-member countries to member countries. TC (X) and TC (M) denote trade creation in terms of exports and trade creation in terms of imports, respectively. XD and MD denote export diversion and import diversion, respectively. XE and ME denote expansion of extra-bloc exports and expansion of extra-bloc imports, respectively. XC and MC denote contraction of intra-bloc exports and contraction of intra-bloc imports, respectively. Source: Authors elaboration.