Comprehensive Study Material for CrackTarget.com

Welcome to this detailed study guide on key regional economic cooperation organizations and initiatives. This material is tailored for competitive exams like UPSC, SSC, and others, focusing on definitions, objectives, members, India’s role, achievements, challenges, and recent developments as of November 2025. Use the tables for quick revision, and memorize key facts with mnemonics where suggested.

Introduction to Regional Economic Cooperation

Regional economic cooperation involves countries in a geographic area collaborating to enhance trade, investment, infrastructure, and socio-economic development. It promotes integration through free trade agreements (FTAs), customs unions, and multilateral forums. For India, these platforms align with its “Act East Policy,” “Neighborhood First,” and global ambitions like becoming a developed economy by 2047. Key benefits include market access, supply chain resilience, and countering geopolitical influences.

SAARC (South Asian Association for Regional Cooperation)

• Full Form: South Asian Association for Regional Cooperation
• Establishment: 1985
• Headquarters: Kathmandu, Nepal
• Objectives: Promote welfare, economic growth, social progress, and cultural development in South Asia; strengthen collective self-reliance; and accelerate regional integration.
• Members (8): Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka. Observers: Australia, China, EU, Iran, Japan, Mauritius, Myanmar, South Korea, USA.
• India’s Role: Founding member and largest economy; leads initiatives like SAARC Satellite (2017) and SAARC Development Fund. Hosts summits and pushes for connectivity.
• Key Achievements: SAFTA (South Asian Free Trade Area, 2004) reduced tariffs; SAARC Visa Exemption Scheme; regional centers for agriculture, energy, etc.
• Challenges: India-Pakistan tensions stall progress (no summit since 2014); limited intra-regional trade (5% of total); geopolitical rivalries.
• Recent Developments (2025): SAARC Energy Centre organized webinars on renewable energy in November-December 2025. Focus on sustainable development amid climate challenges.

Mnemonic for Members: “A Big Brown Indian Monkey Never Plays Soccer” (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka).

ASEAN (Association of Southeast Asian Nations)

• Full Form: Association of Southeast Asian Nations
• Establishment: 1967
• Headquarters: Jakarta, Indonesia
• Objectives: Accelerate economic growth, social progress, cultural development; promote peace and stability; foster active collaboration in mutual interest areas.
• Members (10): Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. Timor-Leste joined in 2023.
• India’s Role: Dialogue partner since 1992; Strategic Partner since 2012. India-ASEAN FTA (2010); Act East Policy emphasizes connectivity (e.g., India-Myanmar-Thailand Trilateral Highway).
• Key Achievements: ASEAN Economic Community (2015) created a single market; RCEP involvement; disaster management frameworks.
• Challenges: South China Sea disputes; economic disparities; non-interference principle limits action on issues like Myanmar crisis.
• Recent Developments (2025): ASEAN Summit in Malaysia (October 2025) expanded economic pathways, including digital economy and green growth. India enhanced ties via FTA review.

Mnemonic for Members: “Big Cats In Lovely Meadows Play Soccer Till Victory” (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam).

BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation)

• Full Form: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
• Establishment: 1997 (as BIST-EC; renamed 2004)
• Headquarters: Dhaka, Bangladesh
• Objectives: Promote technological and economic cooperation in trade, investment, energy, transport, fisheries, agriculture, etc.
• Members (7): Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand.
• India’s Role: Lead country for security, transport, and disaster management; hosted 2022 summit; pushes BIMSTEC as alternative to SAARC.
• Key Achievements: BIMSTEC Free Trade Area Framework (2004); connectivity projects like Kaladan Multi-Modal Transit Transport Project.
• Challenges: Slow progress on FTA; infrastructure gaps; political instability in Myanmar.
• Recent Developments (2025): 6th Summit in Bangkok (April 2025) focused on digital connectivity and blue economy. India emphasized sustainable ocean management.

Mnemonic for Members: “Big Bears In My New Safari Tent” (Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand).

BCIM (Bangladesh-China-India-Myanmar Forum for Regional Cooperation)

• Full Form: Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC)
• Establishment: 1999 (as Kunming Initiative; formalized 2013)
• Headquarters: None (Track II forum)
• Objectives: Enhance connectivity via roads, rails, and trade; promote economic integration in underdeveloped regions.
• Members: Bangladesh, China, India, Myanmar.
• India’s Role: Cautious participant; integrated into BRI but concerns over sovereignty and debt. Focuses on Northeast development.
• Key Achievements: Joint study group reports; partial implementation via Kaladan Project.
• Challenges: India’s security concerns (China’s influence); geopolitical tensions; slow progress.
• Recent Developments (2025): Viewed as part of BRI; limited advancement due to India-China border issues. Focus on sustainable connectivity.

CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership)

• Full Form: Comprehensive and Progressive Agreement for Trans-Pacific Partnership
• Establishment: 2018 (evolved from TPP after US withdrawal)
• Headquarters: None (rotating chair; Australia chairs 2025)
• Objectives: Reduce tariffs, enhance trade rules on IP, labor, environment; promote high-standard FTA.
• Members (11): Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam. UK joined 2023; applications from China, Taiwan, etc., pending.
• India’s Role: Not a member; exploring similar FTAs but wary of stringent rules.
• Key Achievements: Covers 13.5% of global economy; e-commerce and data flow provisions.
• Challenges: Accession debates (e.g., China’s application); balancing US influence.
• Recent Developments (2025): 8th Commission meeting in Australia; joint ministerial statement (May 2025) on expansion and rules update.

RCEP (Regional Comprehensive Economic Partnership)

• Full Form: Regional Comprehensive Economic Partnership
• Establishment: Signed 2020; effective 2022
• Headquarters: None (ASEAN-led)
• Objectives: Create world’s largest FTA; reduce tariffs, standardize rules for trade in goods, services, investment.
• Members (15): ASEAN 10 + Australia, China, Japan, New Zealand, South Korea. (India withdrew in 2019 but open to rejoin).
• India’s Role: Opted out due to trade deficit concerns with China; has bilateral FTAs with many members.
• Key Achievements: Unites 30% of global GDP; boosts supply chains post-COVID.
• Challenges: India’s standoff; uneven benefits; IP and labor standards weaker than CPTPP.
• Recent Developments (2025): Shapes multilateralism; India navigating via ASEAN FTA upgrades.

OBOR/BRI (One Belt One Road / Belt and Road Initiative)

• Full Form: Belt and Road Initiative (formerly One Belt One Road)
• Establishment: 2013
• Headquarters: Beijing, China
• Objectives: Build infrastructure networks (Silk Road Economic Belt, Maritime Silk Road); enhance connectivity, trade, investment.
• Members/Participants: Over 150 countries signed MoUs; key corridors include CPEC, BCIM-EC.
• India’s Role: Non-participant; opposes CPEC through PoK; alternatives like IMEC (India-Middle East-Europe Corridor).
• Key Achievements: $1 trillion+ investments; ports like Gwadar, Hambantota.
• Challenges: Debt traps (e.g., Sri Lanka); environmental concerns; geopolitical pushback.
• Recent Developments (2025): Record $123.3 billion engagements in H1 2025; Panama exited in February 2025. Focus on green BRI.

SCO (Shanghai Cooperation Organisation)

• Full Form: Shanghai Cooperation Organisation
• Establishment: 2001
• Headquarters: Beijing, China
• Objectives: Combat terrorism, separatism, extremism; promote economic, energy, transport cooperation.
• Members (9): China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan. (Belarus joined recently; observers include Afghanistan, Mongolia).
• India’s Role: Full member since 2017; hosts exercises; balances China-Russia influence.
• Key Achievements: RATS (Regional Anti-Terrorist Structure); energy club; SCO Development Bank proposed.
• Challenges: India-China tensions; differing priorities.
• Recent Developments (2025): 25th Summit in Tianjin (August-September 2025) adopted Tianjin Declaration on multipolar world; established SCO Development Bank.

IORA (Indian Ocean Rim Association)

• Full Form: Indian Ocean Rim Association
• Establishment: 1997
• Headquarters: Ebene, Mauritius
• Objectives: Promote sustainable growth, balanced development; focus on trade facilitation, maritime safety, blue economy.
• Members (23): Australia, Bangladesh, Comoros, France, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Maldives, Mauritius, Mozambique, Oman, Seychelles, Singapore, Somalia, South Africa, Sri Lanka, Tanzania, Thailand, UAE, Yemen. Dialogue partners: China, Egypt, Germany, Italy, Japan, South Korea, Turkey, UK, US.
• India’s Role: Founding member; chairs priority areas like maritime safety; hosts IORA meetings.
• Key Achievements: Jakarta Concord (2017); blue economy initiatives.
• Challenges: Diverse economies; piracy; climate vulnerabilities.
• Recent Developments (2025): 24th Council of Ministers Meeting (May 2025) themed “Sustainable Indian Ocean for Future Generations”; virtual conferences on ocean management.

IOC (Indian Ocean Commission)

• Full Form: Indian Ocean Commission
• Establishment: 1984
• Headquarters: Port Louis, Mauritius
• Objectives: Promote sustainable development, diplomacy, agriculture, fisheries, marine ecosystems in Western Indian Ocean islands.
• Members (5): Comoros, France (Réunion), Madagascar, Mauritius, Seychelles.
• India’s Role: Observer status; collaborates on maritime security, blue economy.
• Key Achievements: Integrated marine management; climate adaptation projects.
• Challenges: Vulnerability to cyclones, rising seas; limited resources.
• Recent Developments (2025): 5th Summit in Antananarivo (April 2025) strengthened partnerships; Republic of Korea joined as observer. ISLANDS Indian Ocean Regional Meeting (June 2025) on sustainable projects.

APEC (Asia-Pacific Economic Cooperation)

• Full Form: Asia-Pacific Economic Cooperation
• Establishment: 1989
• Headquarters: Singapore
• Objectives: Support sustainable growth, prosperity; promote free trade, investment liberalization.
• Members (21 Economies): Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, USA, Vietnam.
• India’s Role: Applied for membership (1991); observer in some forums; aligns with Indo-Pacific strategy.
• Key Achievements: Bogor Goals (free trade by 2020); digital economy frameworks.
• Challenges: US-China tensions; non-binding nature.
• Recent Developments (2025): Summit in Gyeongju, South Korea (theme: “Connect, Innovate, Prosper”); declaration on AI and trade.

BRICS (Brazil, Russia, India, China, South Africa)

• Full Form: Brazil, Russia, India, China, South Africa (expanded)
• Establishment: 2009 (as BRIC; South Africa 2010)
• Headquarters: None (rotating presidency; Brazil 2025)
• Objectives: Reform global governance; promote multilateralism, sustainable development; New Development Bank (NDB).
• Members (11 as of 2025): Original 5 + Egypt, Ethiopia, Iran, Saudi Arabia, UAE, Indonesia (joined January 2025).
• India’s Role: Founding member; advocates for UNSC reform; NDB projects in infrastructure.
• Key Achievements: NDB (2014, HQ Shanghai); Contingent Reserve Arrangement; trade in local currencies.
• Challenges: Internal differences (e.g., India-China); economic slowdowns.
• Recent Developments (2025): 17th Summit in Rio (July 2025); focus on governance reforms; 126 commitments on AI, climate, security.

India’s Free Trade Agreements (FTAs)

India has 14 active FTAs/PTAs as of 2025, aiming to boost exports to $1 trillion by 2030. Key focus: Reducing non-tariff barriers, services trade.

FTA/PTA	Partner(s)	Year Effective	Key Features	Recent Updates (2025)
India-Sri Lanka FTA	Sri Lanka	2000	Tariff reductions on goods	Ongoing review for expansion
SAFTA	SAARC countries	2006	Preferential tariffs	Limited due to SAARC issues
India-ASEAN FTA	ASEAN 10	2010	Goods, services, investment	Upgrade negotiations ongoing
India-South Korea CEPA	South Korea	2010	Comprehensive; electronics focus	Review completed; enhanced market access
India-Japan CEPA	Japan	2011	Industrial goods, services	Auto sector benefits
India-Malaysia CECA	Malaysia	2011	Palm oil, services	–
India-Singapore CECA	Singapore	2005	Financial services	–
India-Mauritius CECPA	Mauritius	2021	Goods, services	–
India-UAE CEPA	UAE	2022	Gems, jewelry	Trade surged 20%
India-Australia ECTA	Australia	2022	Agri, minerals	Interim; full FTA talks
India-EFTA FTA	Iceland, Liechtenstein, Norway, Switzerland	2024	$100 billion investment commitment	Effective March 2025
India-UK FTA	UK	2025	Signed July 2025; covers goods, services	Boosts textiles, pharma
India-Chile PTA	Chile	2007	Limited goods	Expansion talks
APTA	Bangladesh, China, Laos, South Korea, Sri Lanka	1976	Preferential tariffs	–

Tips for Exams: Compare SAARC vs. BIMSTEC (SAARC stalled; BIMSTEC active). Focus on India’s opt-outs (RCEP, CPTPP) due to “Atmanirbhar Bharat.” Practice questions on recent summits.

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