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 to help you understand and cover this topic effectively.
RBI Grade B Economic and social issues notes – Regional Economic Co-operation
This is the second part in our series of RBI Grade B study notes on the topic of Regional Economic Co-operation. This topic is important because of the present economic scenario of the world, looming trade wars and how the Regional Organisations like ASEAN, OPEC, BRICS, etc would play a role in it. In this part of RBI Grade B study notes, we would be looking at 2 regional organisations – ASEAN and OPEC. So, let us begin.
1) ASEAN – Association of Southeast Asian Nations
- It is comprised of 10-member nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The headquarters of ASEAN is at Jakarta, Indonesia.
(source – https://www.weforum.org/)
- The ASEAN was established with the aim to promote regional stability and economic growth among its member nations.
- ASEAN was formed in 1967 by 5 of its members – Indonesia, Malaysia, Philippines, Singapore and Thailand.
- ASEAN countries have signed agreements allowing Free Trade among its members and also have a free trade agreement with China. The travel restrictions have also been eased in the ASEAN region between its member nations allowing free flow of goods and people in the region.
- In 2014, ASEAN’s economy was a combined total of $2.6 Trillion, which was 7th highest in the world. It is estimated that the economy of ASEAN would be 4th largest in the world by 2050.
- Through its Act East Policy, India aims to form deep collaboration and co-operation with ASEAN region in the field of economy, Terrorism, world trade, Art and Culture, etc.
2) OPEC – Organisation of Petroleum Exporting Countries.
- OPEC is a group of 15 major petrol exporting countries – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela (Founding members – 1960), Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018)
- OPEC was formed in 1960 in Baghdad. Its headquarters is at Vienna, Austria.
- OPEC countries have 81.89% of the world crude oil reserves. As a result, OPEC controls the world Crude oil Prices.
- The main aim of OPEC is to keep the crude oil prices stable. This is important because it has a direct impact on various aspects of the world and especially Indian Economy.
That is it from us at Oliveboard in this second part of part of RBI Grade B Economic and social issues notes on – Regional Economic Co-operation. We hope you find the information provided on ASEAN and OPEC in the above RBI Grade B Study notes useful for your RBI Grade B Exam preparation.
All the best for RBI Grade B Exam 2018
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