The South Asian Association for Regional Cooperation is a group of countries in the South Asian region to promote regional unity and economic cooperation. Member countries include Afghanistan, Bangladesh, Bhutan, India, Nepal, Maldives, Pakistan and Sri Lanka. But in the current context, if BIMSTEC members have acquired affiliations with various other regional or sub-regional organizations that also promote cooperation at different levels, there could not be such a successful organization (which should be). Regional mega-agreements are all the rage in an otherwise fragile global economy. In a context of declining aggregate demand, these trade agreements are seen as a way to protect economies from market uncertainties. Three major regional funds are being negotiated: the Comprehensive Regional Economic Partnership for Asia and the Pacific (RCEP), the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP). Lack of progress – SAARC`s activities have been slow and irritating. In its 30 years of existence, it has not been able to hold eleven annual summits for political reasons, both bilateral and internal. In addition, India has taken several bilateral and multilateral initiatives with regional countries to address exactly the same issues. For example, India has launched a Multi-Sector Technical and Economic Cooperation Initiative (BIMSTEC), a cooperation initiative between mekong ganga and trilateral between India, Myanmar and Thailand to improve connectivity; all such initiatives involve either cooperation with Bangladesh or Myanmar, or both that pursue objectives similar to those of BICM. In addition, no significant decision has been taken on the fluidity of investments and financial arrangements to push economies to “further regional integration,” which was projected as the main theme of the 18th summit recently held in Kathmandu. The BRICS Reserve Arrangement (CRA) is a framework for protecting against global liquidity pressures.
These include monetary problems in which members` national currencies are affected by global financial pressures. It is noted that emerging economies, which have experienced rapid economic liberalization, have experienced increased economic volatility, resulting in an uncertain macroeconomic environment. Most multilateral institutions were conceived at a time when the West dominated the world. The United States and Europe are over-represented at the IMF and the World Bank. Together with Japan, they also control most regional development banks! He`s a big bad cop in the making, isn`t he? Competition in itself – BRICS countries strive for it, In the 1960s and 1970s, India`s international position in developed and developing countries is fading as a result of wars with China and Pakistan, disputes with other South Asian countries, and India`s attempt to offset Pakistan`s support from the United States and China by signing the Undo-Soviet Friendship and Cooperation Agreement in August 1971. Although India received significant Soviet military and economic assistance that contributed to the nation`s strengthening, India`s influence was undermined regionally and internationally by the perception that its friendship with the Soviet Union prevented a more open condemnation of the Soviet presence in Afghanistan.