About SAARC and Its Objectives - Net Exam Paper – III (B)

The South Asian Association for Regional Cooperation (SAARC) is an economic and geopolitical organisation of eight countries that are primarily located in South Asia or the Indian subcontinent.The SAARC Secretariat is based in Kathmandu, Nepal. The combined economy of SAARC is the 3rd largest in the world in the terms of GDP(PPP) after the United States and China and 5th largest in the terms of nominal GDP. SAARC nations comprise 3% of the world's area and contain 21% (around 1.7 billion) of the world's total population and around 9.12% of Global economy as of 2015. SAARC also home to world's 3rd & 7th largest Economy of world in GPP(PPP) & GDP(Nominal) terms respectively as well as World's fastest growing major Economy,that is India. India makes up over 70% of the area and population among these eight nations. All non-Indian member states except Afghanistan share borders with India but only two other members, Pakistan and Afghanistan, have a border with each other. During 2005-10, the average GDP growth rate of SAARC stood at an impressive 8.8% p.a., but it slowed to 6.5% in 2011 largely because of economic slowdown in India, which accounts for nearly 80% of SAARC's economy. But driven by a strong expansion in India, coupled with favorable oil prices,from the last quarter of 2014 South Asia once again become the fastest-growing region in the world. As of 2015 foreign exchange reserves of SAARC nations stands at USD 411 billion.

Objectives of SAARC:

The objectives of SAARC, as defined in its charter, are as follows:
i. Promote the welfare of the peoples of South Asia and improve their quality of life;
ii. Accelerate economic growth, social progress and cultural development in the region by providing all individuals the opportunity to live in dignity and realise their full potential;
iii. Promote and strengthen collective self-reliance among the countries of South Asia;
iv. Contribute to mutual trust, understanding and appreciation of one another’s problems;
v. Promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields;
vi. Strengthen co-operation with other developing countries;
vii. Strengthen co-operation among themselves in international forms on matters of common interest; and
viii. Cooperate with international and regional organisation with similar aims and purposes

SAARC Recognised Bodies

As an organisation, SAARC mainly operates through six apex bodies which ensure regional cooperation on multiple levels:

• SAARC Chamber of Commerce & Industry (SCCI): The entity encourages intra-regional trade by creating business linkages among the entrepreneurs. Its primary focus is on the holistic growth of service sector and small & medium enterprises.
• SAARCLAW (South Asian Association for Regional Cooperation in Law): The desire to establish an association within the SAARC region “to disseminate information” and “promote an understanding of the concerns and developments” prompted the birth of SAARCLAW in 1991. This association of legal communities of SAARC nations was established in Colombo.
• South Asian Federation of Accountants (SAFA): In 1984, this organisation came into existence with an objective of strengthening and serving the accountancy profession in the South Asian Region.
• South Asia Foundation (SAF): A non-profit and non-political organisation founded by UNESCO Goodwill Ambassador Madanjeet Singh in 2000, SAF encourages regional cooperation through UNESCO Madanjeet Singh Institutions of Excellence. The institutions offer courses on varied subjects ranging from Climate and Green Energy to Human Rights and Visual Arts.
• South Asia Initiative to End Violence Against Children (SAIEVAC): Founded in 2005, this regional forum aims at “ending all forms of violence against children in South Asia.”
• Foundation of SAARC Writers and Literature (FOSWAL): It’s the first non-government organisation working towards nurturing and strengthening cultural connectivity through interactions among SAARC nations.