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Essay / Comparative Analysis of Bimstec and Saarc
Table of ContentsProblem StatementBackgroundSAARCBIMSTECWith South Asia being one of the least incorporated regions on the planet, the extent of "South Asian intra-trade" in the global trade in the region barely fluctuates around the five percent mark (Raihan, 2017). However, South Asia has always opted for greater regional cooperation despite all the cynical scenarios and has even moved towards reintegration not only within South Asian countries but also Southeast Asian countries (Raihan, 2017). There now seems to be an ongoing debate whether BIMSTEC is the new SAARC or not. This consideration of BIMSTEC as an alternative to SAARC after India refused to participate in a 2016 SAARC summit in Islamabad right after the Uri attack, but called for an awareness summit of the Forum of BRICS in Goa (Anon., 2019). However, newer doesn't always mean better. Even though it seems that SAARC has lost its importance, it still functions. Furthermore, even though BIMSTEC works quite well, it is still too early to jump to conclusions with high hopes. This article will address the issue and conduct a comparative analysis of BIMSTEC and SAARC. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayThe concept of regional organization was not focused on Europe until after World War II, but with the subsequent incidents of the Cold War, the escalation of economic powers in Europe, the collapse of the Soviet Union, we also witnessed the appearance of new autonomous regional spheres in Asia. The main reason behind this was to keep Asia away from the impact of Western power and to significantly regionalize Asia's security and wealth (Chibber, 2004). As South Asia is one of the least integrated regions on the planet, the extent of “inland” trade in South Asia in the region's global trade barely fluctuates around the five-point mark. hundred (Raihan, 2017). However, South Asia has always opted for greater regional cooperation despite all the cynical scenarios and has even moved towards reintegration not only within South Asian countries but also Southeast Asian countries (Raihan, 2017). The regional integration and cooperation initiative in South Asia began in 1985 with the establishment of the South Asian Association for Regional Cooperation (SAARC). SAARC has been under inspection for the past two years. Therefore, even after 30 years, the presentation of SAARC is not really good and its role in strengthening regional collaboration is under review (Biswal, 2019). Soon, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), launched in June 1997, opened a window for most South Asian countries (Bangladesh, Bhutan, India, Nepal and Sri Lanka) to coordinate with two Southeast Asian countries (Thailand and Myanmar). Regardless, even after 20 years of the Bay of Bengal region countries coming together, widely supported as a reasonable alternative to SAARC, the achievements under BIMSTEC have been somewhat insignificant (Bhattacharjee, 2018) . As regional organizations, SAARC and BIMSTC are both renowned, but they both seem to have their drawbacks. Therefore, a comparative analysis will be conducted in this article to determine which of the two will remain standing in a head-to-head battle. Problem Statement As regional organizations, both SAARC and BIMSTC are reputed. However, both seem to have their drawbacks. At.