Finally, on the sectoral dimension, we focus the analysis on the four major sectors, which comprise each economy, including Agriculture, Mining, Manufacturing and Services. In addition, given the importance of the manufacturing sector for the CEFTA economies and for robustness, we also obtain partial estimates for eleven manufacturing sectors, which we label broadly as Chemicals, Electronics, Food, Machines, Metals, Minerals, Rubber, Textiles, Transport, Wood, and Other.

We perform the estimation (partial equilibrium) analysis with the original ITPD-E data without any adjustments.<sup>16</sup> In order to perform the general equilibrium (GE) counterfactual analysis in Section 4.2, we employ the original data for international trade flows from ITPD-E, and we impute missing observations for domestic trade, which are needed to balance the data for the GE analysis. To fill in the missing values for domestic trade, we proceed in three steps. First, we construct the ratio of total exports to internal sales for all of the original industries in ITPD-E for which data are available. Importantly, the original ITPD-E allows us to construct such ratios for each of the CEFTA countries in our sample for at least some of the industries within each of the main 14 sectors that we employ in our analysis (11 manufacturing sectors, plus Agriculture, Mining, and Services). Second, we construct an average ratio for each of the main 14 sectors and we use these ratios in combination with data on total exports to fill in the missing intra-national trade values at the most disaggregated industry level. Third, we aggregate the resulting balanced dataset to the 14 sectors that we employ in our analysis. Since data for services trade are very patchy in the latest years in ITPD-E, to construct domestic trade for services, we employ average data over the years 2010 to 2015 and we repeat the above steps with these data for the services sector.

We also employ several other data sets in addition to ITPD-E. Data on the standard gravity covariates for our gravity estimations come from the Dynamic Gravity Dataset (DGD) of the U.S. International Trade Commission, and we refer the reader to Gurevich and Herman (2018) for further bourg (LUX), Latvia (LVA), Morocco (MAR), Moldova (MDA), Mexico (MEX), Macedonia (MKD), Malta (MLT), Myanmar (MMR), Montenegro (MNE), Malaysia (MYS), Nigeria (NGA), Netherlands (NLD), Norway (NOR), New Zealand (NZL), Oman (OMN), Pakistan (PAK), Peru (PER), Philippines (PHL), Papua New Guinea (PNG), Poland (POL), Portugal (PRT), Qatar (QAT), Romania (ROU), the Russian Federation (RUS), Saudi Arabia (SAU), Singapore (SGP), El Salvador (SLV), Yugoslavia (SRB), the Slovak Republic (SVK), Slovenia (SVN), Sweden (SWE), Thailand (THA), Turkmenistan (TKM), Trinidad and Tobago (TTO), Tunisia (TUN), Turkey (TUR), Taiwan, China (TWN), Ukraine (UKR), the United States (USA), the RepÃoblica Bolivariana de Venezuela (VEN), Vietnam (VNM), the Republic of Yemen (YEM), South Africa (ZAF), and Zambia (ZMB).

> 16In the robustness analysis, we reproduce our main estimates after replacing all missing bilateral trade flows with zeros. These results are very similar to our main estimates.

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