Abstract
The paper's focus is on the current policies of open regionalism and trade liberalization in South Asia. Amidst global economic transformation, the formulation and implementation of these policies are challenging tasks for all economies in the region. The theoretical as well as practical arguments of trade creation and coordinated trade liberalization, along with recent economic gains made from these policies, support the economic initiatives taken by South Asian leaders. The establishment of the South Asian Preferential Trade Agreement (SAPTA) and its eventual promotion to SAFTA, along with the renewed interest in trade liberalization and enhanced investment, have opened up a new range of challenges and opportunities in the region. The need for building economic institutions to facilitate regional development is a critical factor. ( JEL: F02, F12, F13, F14, O.53)
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