This article is an attempt at understanding the extent to which regional forums in the Central Asian region actually reflect what is generally identified as a reversal of trends in seeking Cold War type linkages with one global power in the post "war against terror" period. It begins with the recognition that the nature of this global linkage will be significantly different. In fact with changes in the perception of threats the nature of the security arrangements have changed with greater emphasis on the need for internal security and integrity. Also a multiplicity of arrangements seems to be in place with both bilateral and multilateral linkages being simultaneously maintained in various regional initiatives. This article examines developments in regional security structures in the post 9/11 period and then goes on to examine how multilateral initiatives in the region will take shape. In the course of this the article attempts to set out the parameters of a more comprehensive and informed debate on the pros and cons of the multilateral system in the Central Asian region. This is challenged today by the competitive interests and demands of a number of state as well as alternative non-governmental institutions. What has been argued for in this article is for the recognition of the fact that these tend to complement rather than undermine the necessity of multilateral institutions. What remains significant is to develop these institutions as more effective in terms of decision making and operational mechanisms.