Economists along with policy makers are generally viewing trade agreements as a ‘second best' process for trade expansion and economic growth on a global scale. The current surge of Preferential Trade Agreements on a bilateral basis, particularly in Asia, is somehow challenging such common view. The following paper is grounded on updated rough facts and put forward that the standard economic approach is a bit flawed. Obviously, the outcomes and prospects for Asian countries seem much more problematic insofar as power asymmetry and discrimination are embedded in these arrangements.