India is a large and diverse country located in South Asia. With a population of over 1.3 billion people, India is the second-most populous country in the world. Given its size and strategic location, India is an important player in regional integration agreements.
Regional integration agreements (RIAs) are agreements between two or more countries that seek to reduce or remove trade barriers and promote economic integration. RIAs can take several forms, including free trade agreements (FTAs), customs unions, and common markets.
Several RIAs exist in the South Asian region, including the South Asian Association for Regional Cooperation (SAARC), the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), and the Bangladesh-Bhutan-India-Nepal (BBIN) Initiative.
India is a member of SAARC, a regional intergovernmental organization that promotes economic cooperation and social cohesion among the eight member states of South Asia. Established in 1985, SAARC`s primary objective is to promote economic, social, and cultural development in the region through mutual cooperation.
In addition to SAARC, India is also a member of BIMSTEC, a regional organization that brings together seven countries from South and Southeast Asia. BIMSTEC`s primary objective is to promote economic cooperation and integration among its member states. The organization`s focus areas include trade and investment, energy, transport, tourism, and fisheries.
Finally, India is also a member of the BBIN Initiative, a subregional cooperation framework that aims to enhance connectivity and cooperation among the four countries of Bangladesh, Bhutan, India, and Nepal. The initiative seeks to promote regional integration through a range of cooperation mechanisms, including trade facilitation, energy cooperation, and people-to-people exchanges.
In conclusion, India is a part of several regional integration agreements in the South Asian region. As a member of these agreements, India plays an important role in promoting regional cooperation, economic integration, and social development.