These are the association of independent political and economic entities comes together to promote peace and security and to improve their social and economic condition. This collaboration provide opportunities to different states to resolve their problems in peaceful manner and improve their mutual cooperation.
List of Economic and Political Groups
- Association of Southeast Asian Nations (ASEAN)
- European Union (EU)
- G7 (Group of Seven)
- G4 Nations
- G20 (Group of Twenty)
- Asian Pacific Economic Cooperation(APEC)
- South Asian Association for Regional Cooperation (SAARC)
- BBIN (Bangladesh, Bhutan, India, Nepal)
- Organisation for Economic Co- operation and Development (OECD)
- UN Convention on the Law of Sea (UNCLOS)
- Bangladesh, China, India, Myanmar Forum for Reional Cooperation (BCIM)
- Bay of Bengal Initiative for Multi- Sectorial and Technical Cooperation (BIMSTEC)
- Indian Ocean Rim Association (IORA)
- Mekong Gangaa Cooperation (MCA)
- South Asia Sub-Regional Cooperation (SASEC)
- Organisation of the Petroleum Exporting Countries (OPEC)
- Regional Comprehensive Economic Partnership (RCEP)
- Trans- Pacific Partnership (TPP)
1. Association of Southeast Asian Nations (ASEAN)
- Its an political and economical organization that promotes intergovernmental cooperation among its member nations.
- It has the Motto -"One Vision, One Identity, One Community ".
- It was established in 1967 in Bangkok, headquarter- Jakarta(Capital of Indonesia).
- Initially founded by five countries namely - Indonesia, Malaysia, Philippines, Singapore and Thailand. Currently 10 members including -Brunei, Cambodia, Laos, Myanmar, Vietnam.
- To facilitate economic growth, cultural development, social progress and education Development.
- To promote peace, collaboration, mutual assistance on the matter of common interests and regional stability among its member nation.
- It maintain communication with other part of world, promote unity, prosperity, development and regional sustainability, and also promote peace and stability in the world.
- ASEAN was given observer status at UN General Assembly awarded the status of "dialogue partner" to the UN.
- ASEAN summit- East Asia Summit ( International conference with world leader to design global issues).
- Expansion and Integration, ASEAN plus Mechanism was the attempt for further integration - ASEAN+3 (China, Japan, South Korea).The group became ASEAN plus six by adding the members with FTA agreement which are- India, Australia, New Zealand.
- ASEAN community- Leaders of the ASEAN countries adopted the vision 2020 on the 30th anniversary of ASEAN. In which they agreed with the thought of single community. Accordingly Southeast Asia a group of countries living in peace, stability and prosperity. ASEAN community is a community of opportunity. It comprised of three pillars-
- Political Security Community
- Economic Community
- Socio- Cultural Community.
- ASEAN Foundation Annual Report
- ACE Annual Report
- ASEAN Center for Energy.
2. European Union (EU)
- European Union was established with the aim of ending the frequent war occur between neighbour countries.
- Established after Maastricht Treaty in 1993, at the same time European citizenship was introduced and given to the member states.
- EU is an economic and political partnership between 28 member states located primarily in Europe.
- Its purpose is to be more competitive in the global market.
- EU established European Internal Single market to ensure free movement of goods, services, people and money.
- It maintain common policies on trade agriculture, fisheries etc for the member states.
- Important institutions of EU- European Parliament, Council of the Union, European Commission, Court of Justice Court of Auditor and European Central Bank.
- Euro and Euro Zone- Euro is the common currency in a number of countries in EU. Some countries of EU officially adopted euro as a common currency. 19 member states of 28 uses euro as common currency. This area is known as euro zone.
- European Central Bank (EU's central bank) sets monetary policy and manage bank lending rates and foreign exchange resource.
- EU was awarded the Noble Prize for effort to promote peace and democracy in Europe.
- For membership - country must meet Copenhagen criteria of European Council which require stable democracy, human rights, rule of law.
- Schengen Area (border free area)- It covers 26 member states of the EU. In this Area passport control have been abolished. It provides free movement area to the citizens to travel, work and live in any EU country without special formalities.
3. G7 (Group of Seven)
- It is a group of 7 countries which are largest advanced economies in the world as reported by International Monetary Fund.
- The group consisting of Canada, France, Germany, Italy, Japan, United Kingdom and the United States.
- It is founded to facilitate shared macroeconomic initiatives in response to the collaps of exchange rate 1971 during the time of Nixon Shock, 1970s energy crisis.
- Objectives- to discuss on issue of financial crisis, monetary reforms, trade, unemployment, oil shortage etc.
- Meetings- group annually meets on summit to discuss economic policies and monetary issues. Finance ministers( G7) meet at least semi-annually.European Union also represented at G7.
4. G4 Nations
- Group of 4 countries- Brazil, Germany, India and Japan which support each others bid for permanent seats on the United Nation Security Council.
- The G4 bids are often opposed by their competitors that have formed the uniting for Consensus movement including Italy, South Korea, Canada, Pakistan, Argentina, Mexico, Turkey, Malta, Costa Rica, Cambodia & San Marino.
- United Kingdom have supported the G4's bid for permanent seat on United Nation Security Council.
5. G20 (Group of Twenty)
- G20 is a group of governments(finance ministers) and Central Bank Governors. Its membership consist of 19 countries+ European Union.
- Established in 1999 to bring together systematically important industries and developed economies.
- Purpose of creation(of G20)- is to discuss policy related to the promotion of international financial stability.
- Meetings- head of states meet annually at summit .
- Several participants that are non permanent members of other international organisations have invitation to participate in the summit(such as IMF, WTO, United Nations ).
6. Asia Pacific Economic Cooperation (APEC)
- Headquartered at Singapore, Established in 1989 in response to growing interdependence among Asia Pacific Region.
- APEC is a group of 21 Pacific Rim member economies.
- It is a platform for facilitating economic growth, cooperation, free trade and investment in Asia Pacific region.
7. South Asian Association for Regional Cooperation (SAARC)
- Founded in Dhaka in 1985, Secretariat in Kathmandu, Nepal.
- An observer at United Nations and also has links with multilateral entities (such as European Union).
- Member states Afghanistan, Bangladesh, Bhutan, India, Nepal, Maldives, Pakistan and Srilanka.
- It promote economic development and regional integration.
- It launch SAFTA (South Asia Free Trade Area), leading subsequently towards Custom Union, Common Market and Economic Union.
- Observer State- Australia, China, European Union, Iran, Japan, Mauritius, Myanmar, South Korea, United States.