INTERNATIONAL
ORGANISATION
SAFTA
The South Asian Free Trade Area or South Asian preferential Trading Arrangement is an agreement reached on 6th, 2004 at the 12th SAARC Summit in Islamabad,Pakistan. It created a free trade area of 1.6 billion people in Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
ASEAN
The Association of South-East Asian Nations (ASEAN) was established on 8th August, 1967, in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely; Indonesia, Malaysia, Philippines, Singapore and Thailand.
Later on Brunei Darussalam, Vietnam, Lao PDR and Myanmar and Cambodia joined the organisation making it a 10 members group. The main aim of the organisation is to accelerate economic growth, social progress and cultural development in the region.
EUROPEAN UNION
The European Union (EU) is an economic and political union of 28 member states that are located primarily in Europe. The European Union received the 2012 Nobel Peace Prize for having “contributed to the advancement of peace and reconciliation, democracy, and human rights in Europe.” On 1st July, 2013, Croatia became the 28th EU member. In 2016, the UK decided to exit from the EU.
INDIA, BRAZIL, SOUTH AFRICA(IBSA)
The members of IBSA are India, Brazil, South Africa and it was established in 2003. The main objective of IBSA is to promote South-South Cooperation. It aims at increasing the trade opportunities among the three countries and facilitating the trilateral exchange of information, technologies and skills to complement each other's strength.
INDIAN OCEAN RIM ASSOCIATION FOR REGIONAL COOPERATION (IOR-ARC)
The headquarter of IOR-ARC is located in Mauritius and it has 20 members. The main objective is to promote balanced growth and sustainable development of the region and member states, to focus on those areas of economic cooperation, which provide maximum opportunities for development, shared interests and mutual benefits.
SHANGHAI COOPERATION ORGANISATION (SCO)
The headquarter of SCO is located in Beijing, China and it has 6 members. It is an inter-governmental mutual-security organisation, which was founded in 2001, in Shanghai by the leaders of China, Kazakhstan, Russia, Tajikistan and Uzbekistan.
Except for Uzbekistan, the other countries had been members of the Shanghai Five, founded in 1996, after the inclusion of Uzbekistan in 2001, the members renamed the organisation. India has signed a memorandum on accession in 2016. It is expected to become full member in 2017.
BIMSTEC
The headquarters of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is located in Dhaka, Bangladesh and it has 7 members Bangladesh, India, Myanmar, Bhutan, Sri Lanka, Thailand and Nepal and it was established in 1997. The main objective is to promote multi-sectoral cooperation for economics and social progress of the Bay of Bengal region. The member countries agreed to create the BIMSTEC free trade area framework agreement in order to promote international trade and investment in the region.
G-8
The members of G-8 are Canada, France, Germany, Italy, Japan, UK, USA and Russia. On 24th March, 2014, the original G-7 nations voted to effectively suspend Russia in response to the latter's annexation of Crimea. However, they decided that Russia might restore its membership in G-8 aimed at discussing and evolving strategies to deal with the major economic and political international issues. There is no formal institutional structure or permanent secretariat. Heads of state of member nations and EU representatives hold meetings annually.
MULTILATERAL SUMMITS G-20
It was established on 26th September, 1999, when the Finance Ministers of the G-7 announced the formation of the G-20 in Washington DC to establish an informal mechanism for dialogue among systemically important countries,including the industrialised countries and the big emerging markets within the framework of the Bretton Woods Institutional System.
India is a member of G-20. The main objective of G-20 is promoting discussion on and study and review of policy issues among industrialised countries and big emerging markets with a view to enhancing international financial stability. The G-20 does not have a permanent secretariat. The chair rotates between the members selected from different five regional groupings of countries each year.
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