Notwithstanding the protection that exists in all the HPAEs except Hong Kong and Singapore, domestic prices in these economies are closer to international prices than in other developing regions. Two bodies of evidence lead us to this conclusion. First, nominal tariff rates adjusted for the presence of non tariff barriers are lower in the HPAEs than in most other developing economies. Second, comparisons of real GNP across a broad range of economies indicate that domestic relative prices for tradable goods in the HPAEs are closer to international prices than in other regions.