SAARC: Dawn of New Hope

Abstract

In an era of Globalization, the world is shrinking and becoming one market. As part of this economic and geopolitical cooperation among various countries in the world, regional economic blocks are emerging on the pattern of European Union. The South Asia Association for Regional Cooperation (SAARC) is a block of eight member nations that are primarily located in South Asia continent. The idea of regional political and economic cooperation in South Asia was evolved in 1980 which gradually led to eight member countries at present. The SAARC policies aim to promote welfare economics, collective self- reliance and to accelerate socio-cultural development in the region. Permanent diplomatic relations have been established with EU, the UN (as an observer) and other multilateral entities.