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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.