Economic Emancipation of The SAARC Countries: Lessons from ASEAN

Abstract

The paper attempts to highlight the ways and the different strategies in which the SAARC (South Asian Association for Regional Cooperation) countries can attain economic emancipation by taking lessons from ASEAN (Association of South Asian Nations), a regional body of some East Asian countries. ASEAN came out to be a very successful forum, which was formed to accelerate the economic growth and social development to raise the living standards of their people. Members of the ASEAN, to be noted here, were economically lagging behind the countries of this sub-continent even in mid- sixties. By moving speedily and steadily with integrated endeavourer, ASEAN countries became the fastest growing economic region of the world. For example, having started roughly on similar per capita income, Singapore, after three decades, enjoys about eighty five times higher than Bangladeshi per capita income. The paper will, then, delve into ASEAN’s economic arena and find out how they succeeded. Dwelling briefly on the genesis of SAARC, this paper will ascertain the causes of failures of this body and explore the ways and means it can replicate ASEAN’s successes in its quest for economic emancipation so as to emerget as an Asian economic powerhouse.