Topic > Comparative Analysis of Bimstec and Saarc

IndexProblem StatementContextSAARCBIMSTECSouth Asia is one of the least incorporated areas on the planet, the extent of "South Asian internal trade" in the world trade of the region barely fluctuates around 5% (Raihan, 2017). However, South Asia has always moved for greater regional cooperation despite all cynical scenarios and has even moved towards reintegration not only within South Asian countries but also in Southeast Asian countries (Raihan, 2017). Now it seems there is an ongoing debate whether BIMSTEC is the new SAARC or not. This consideration of BIMSTEC as an alternative to SAARC after India refused to attend a 2016 SAARC summit in Islamabad soon after the Uri attack but called for a BRICS Forum outreach summit in Goa (Anon., 2019). However, newer doesn't always mean better. Although it seems that SAARC has lost its importance, it still functions. Moreover, although BIMSTEC works quite well, it is still too early to make hasty conclusions with high hopes. This article will address this issue and conduct a comparative analysis of BIMSTEC and SAARC. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayThe concept of regional organization was centered on Europe only after World War II, but with consecutive episodes of the Cold War, the escalation of economic powers in Europe, the collapse of the Soviet Union, there was also l The rise of new autonomous regional spheres in Asia. The main reason for this was to keep Asia distant from the impact of Western power and to regionalize Asia's security and wealth in a noteworthy way (Chibber, 2004). Since South Asia is one of the least incorporated areas on the planet, the extent of the internal South Asian stock market in the region's global stock market hovers just around the 5% mark (Raihan, 2017). However, South Asia has always moved for greater regional cooperation despite all cynical scenarios and has even moved towards reintegration not only within South Asian countries but also in Southeast Asian countries (Raihan, 2017). The regional integration and cooperation initiative in South Asia began in 1985 with the development of the South Asian Association for Regional Cooperation (SAARC). SAARC has been under inspection for the last two years. That is why, even after 30 years, SAARC's presentation has not exactly been good and its role in strengthening regional collaboration is being addressed (Biswal, 2019). Soon the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), launched in June 1997, created an open window for most of the South Asian nations (Bangladesh, Bhutan, India, Nepal and Sri Lanka) to coordinate with two Southeast Asian nations (Thailand and Myanmar). However, even after 20 years of the coming together of countries in the Bay of Bengal area, widely supported as a reasonable alternative to SAARC, the achievements under BIMSTEC have been quite unremarkable (Bhattacharjee, 2018). As regional organizations, SAARC and BIMSTC are both renowned, but both seem to have their drawbacks. Therefore, a comparative analysis will be conducted in this paper in order to determine which of the two will maintain its position in a head-to-head battle. Problem Statement As regional organizations, SAARC and BIMSTC are both renowned. However, both seem to have their drawbacks. Initially, SAARC had held up a beacon for greater integration in a cold and cantankerous region.