RBI Grade B Economic and social issues notes – Regional Economic Co-operation (Part-1)

The syllabus of Economic and social issues paper in RBI Grade B Phase II Exam includes the topic of Regional Economic Co-operation. Through this blog series, we would be providing you with Free RBI Grade B Economic and social issues notes Part-1 to help you understand and cover this topic effectively. So, let us begin.

RBI Grade B Economic and social issues notes Part-1 – Regional Economic Co-operation

Currently, the Economic and Social environment of the world is being run by specific regional institutions like ASEAN, BRICS, IBSA, SAARC, OPEC, etc. Regional Economic co-operation allows countries to counter the influence of Economic superpowers like USA and China on the world economy. Such institutes have become major players and power centres which help design the framework of World Economy. In the first part of this series on RBI Grade B Economic and social issues notes Part-1, we would be looking at 2 Regional co-operation institutions– SAARC and BRICS. In these 2 institutes, India plays a pivotal rule.

1) SAARC – South Asian Association Regional Co-operation

  • This organisation was formed in 1985 at Dhaka with 7 founding member nations – India, Pakistan Nepal, Bhutan, Bangladesh, Sri Lanka and the Maldives. In 2007, Afghanistan was inducted as the 8th member of SAARC.
  • The Main Objective of SAARC is to promote people’s welfare in the South Asian Region, help grow mutual trust and understanding among all the partners and its populations.
  • SAARC aims to accelerate the Economic growth of all its member nations. This is to be achieved by supporting each other and by collaborating with other regional and international organisations.
  • SAARC has identified 11 core fields where all the members would co-operate with each other. These fields are agriculture and forestry; arts and culture; drug trafficking and abuse; health and population; meteorology; postal services; rural development; telecommunications; transport; science and technology; sports and women in development.
  • SAARC countries have signed 2 major agreements related to trade – SAPTA (South Asian Preferential Trading Agreement) in 1995and SAFTA (South Asian Free Trade Agreement) in 2006.
  • This Regional co-operation has become a voice of South Asia on International platforms like UN, WTO, etc.

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  • BRICS is an acronym for it’s member countries – Brazil, Russia, India, China and South Africa. Which are currently the 5 major emerging economies of the world.
  • The organisation initially started as BRIC, its first meeting was held in 2009 in Russia.
  • South Africa joined the BRIC nation to make it BRICS in 2011.
  • Together, they account for 26.46% of world land area, 42.58% of world population, 13.24% of World Bank voting power and 14.91% of IMF quota shares. According to IMF’s estimates, BRICS countries generated 22.53% of the world GDP in 2015 and has contributed more than 50% of world economic growth during the last 10 years. (https://www.brics2017.org/English/AboutBRICS/BRICS/)
  • The BRICS nations have developed multiple co-operation mechanisms – New Development Bank, Contingent Reserve Arrangement, Business Council and Think Tank Council

That is all from us in this part of RBI Grade B Economic and social issues notes on – Regional Economic Co-operation. We hope you find the information provided in this RBI Grade B Study notes useful for your exam preparation.

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