The present work is an attempt to understand the dynamics between economic liberalization and development in two emerging economies of India and China. Since trade liberalization lies at the heart of the liberalization project, the book covers the foreign trade sector in both India and China across three important parameters of management, FDI, and regional integration. The study looks at the issue from the perspective of the role of state in each nation in facilitating foreign trade and leveraging the externalities associated with an open economy.