Regional organization for regional economic co-operation: An analysis on the role of SAARC and BIMSTEC

Abstract

The importance of a regional organization is undeniable in the present age of economic globalization and an interdependent world. Common issues like trade, border disputes, illegal migration, smuggling, cross-border trafficking, terrorism etc. among nations may raise tensions within a region and instead of an international organization, a regional organization may play a vital role in the first place. Because regional organizations are established focusing on the well-being of the people of a particular region and ensuring stability, social, economic and peace within the region. As a regional organization, SAARC emerged in the late nineties of the 20th century to strengthen the cooperation of South Asian Nations. Later on, at the end 20^th century some leaders of several SAARC member countries for economic progress, development and cooperation aspired for a new platform that laid the foundation of BIMSTEC. But with time, the expectations that SAARC had brewed in the minds of the people of this region started to fade gradually. SAARC's confidence-building credibility lost its charm with time as many leaders find no confidence to fulfil their desired goals.