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The Indian Ocean region has seen an exchange of goods and commodities since antiquity. Long before the emergence of modern nation states and the Westphalian concept of sovereignty, Indian territory saw a regular arrival of foreign merchants and commodities. At the same time, there is a long history of Indian merchants and commodities exploring the expanses of Southeast Asia, West Asia, Southeast Africa and beyond. The Indian Ocean region comprises a number of emerging and developing economies and is considered a dynamic region in terms of trade prospects. A number of preferential trade agreements are doing the round in this region which not only present a prospect to revive the age-old trade linkages within the Indian Ocean region but also foster a promising model of South-South cooperation. Being a large economy, India has an important role to play within the region. Not only that, platforms such as RCEP present India an opportunity to participate in rule-making in the realms of international economic law. Such engagements become even more significant when rule-making at the global trade institution WTO is experiencing a phase of stagnation and while the world is witnessing a wave of protectionism, isolationism, and very recently, a trade war between two giant economies.

Several important elements, such as non-discrimination and multilateralism, characterize global trade governance. Yet, it is not a static phenomenon and is certainly not limited to the principles of Most Favored Nation and National Treatment, or reducing tariff barriers. Multilateralism remains an important stimulant in addressing contemporary challenges, such as reducing trade barriers as a means to stem mercantilist tendencies and further global trade governance. Preferential trade agreements have added a desirable wing to competitive trade liberalization through which more than 50% of today’s international trade transpires. Notably, the multi-level global trade governance under the auspices of WTO experienced a gradual increase in its complexity as it evolved. In contrast, deeper and easier integration has been witnessed at regional levels. For example, South Asian countries experimented with SAARC to create regional ripples that parallel bilateral and multilateral currents in an effort to further harness the fruits of participatory governance and trade liberalization. South Asia houses roughly a population of roughly 1.67 billion people, including 40% of the world’s poor. Yet, it remains one of the least-integrated regions. The conundrums of trade barriers have become vital in global trade governance. The study of eliminating trade barriers in a South Asian milieu illustrates the shortcomings as well as lessons to learn and amend.