Achieving Economic Integration of South Asia
Diplomacy & Foreign Affairs Magazine, New Delhi, India, Volume 11, Issue 5, May 2013
6 Pages Posted: 11 Aug 2013
Date Written: May 10, 2013
Though South Asia covers 4,488,300 sq kms of the world’s surface area with a population of 1.5 billion, still it has only a negligible share of the world’s total volume of trade. Most of the people of this region are living below the poverty line. Only mutual initiatives towards economic integration can play a vital role in upgrading the standards of living of the poor people.
Economic integration in general is a process of removing progressively the discriminations which occur at the national borders. Such discrimination may affect the flow of goods and services and the movement of factors of production either directly or through economic activity via the factor of production.
Keywords: Regional Free Trade Area, Regionalism, SAARC, South Asia
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