A Comparative Analysis Between SAARC and BIMSTEC as Effective Regional Organisations: How South Asian Countries Like Bangladesh May Derive Benefits

Abstract

As a region, South Asia is poised for significant growth and development, which can be  substantially enhanced by strengthening regional cooperation among its members (Kathuria & Mathur, 2018). However, the reality of South Asia has not lived up to its potential. To facilitate  regional integration, the South Asian Association for Regional Cooperation (SAARC) was  established exclusively for the growth of South Asia; however, its performance has been  lacklustre. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic  Cooperation (BIMSTEC), comprising several South Asian countries, was created around the  Bay of Bengal region with similar goals; however, like SAARC, it failed to realise its potential.  The study includes discussions on the creation, successes, and shortcomings of both SAARC  and BIMSTEC, engages in a comprehensive comparative analysis of the two organisations,  and explores concessions for South Asian countries, with a spotlight specifically on  Bangladesh. The findings advocate that South Asian countries, especially Bangladesh, seek  concessions from both organisations, given that they are complementary entities, rather than choosing between the two. The research concludes by advocating that South Asian member  countries pursue both organisations to enhance growth and development.