The Indian Ocean Rim Association (IORA) is a regional association based on the principle of open regionalism with the objective of promoting liberalization through trade and investment facilitation. This study evaluates two main scenarios having the ingredients of a deeper regional integration compared to its present Open regionalism status. Scenario I evaluate the effect of a gradual tariff cut on IORA while Scenario II combines the impact of tariff cuts, NTM reduction and Trade Facilitation. The result shows a welfare gain for virtually all IORA countries when a trade liberalization involving tariff cut is complemented with NTM reduction and trade facilitation. The results obtained are suggestive that IORA has more to gain if it involves in a deeper regional integration than the present form of open regionalism.