Write a note on SAARC.

Hint: SAARC was formed by seven South Asian states on December 8, 1985. A major regional initiative is taken by the seven South Asian states to evolve cooperation through multilateral means.

Complete Step by Step Answer: The full form of SAARC South Asian Association for Regional Cooperation. Its main aim is to encourage collective self-reliance, trust and understanding between the members. The seven founding countries of SAARC are Bangladesh, India, Bhutan, Maldives, Pakistan, Nepal and Sri Lanka. At the 13th annual summit held in 2005, Afghanistan became the newest member. The headquarter and secretariat are situated at Kathmandu, Nepal.
The nine observers to SAARC at present are – China, Australia, the European Union, Iran, the Republic of Korea, Myanmar, Japan, Mauritius and the United States of America. The Specialized bodies of the Association are SDF (SAARC Development Fund); South Asian University, South Asian Regional Standards Organization and SAARC Arbitration Council. The current Secretary-General of SAARC is H.E. Esala Ruwan Weerakoon of Sri Lanka, assumed his office on March 01, 2020.
In 2001, the SAARC members signed an agreement called SAFTA, South Asian Free Trade; to promote trade. According to this agreement, a free Trade Zone is to be formed for the whole of South Asia. Since its inception, SAARC has become a forum for facilitating economic cooperation among South Asian countries. As the existing International Economic Order has been operating against the basic interest of the poor and developing countries, SAARC has provided a “collective economic security system” by starting SAPTA and SAFTA.

Note: The full form of SAPTA is SAARC Preferential Trading Arrangement whose main aim is to promote and maintain mutual trade and economic cooperation among the member states of SAARC through the exchange of trade concessions.