Compare and contrast the trading blocs-SAARC & BRICS.
South Asian Association for Regional Cooperation (SAARC)
The South Asian Association for Regional Cooperation (SAARC) is an organisation of South Asian nations, which was established on 8 December, 1985 when the government of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka formally adopted its charter providing for the promotion of economic and social progress, cultural development within the South Asia region and also for friendship and co operation with other developing countries. It is dedicated to economic, technological, social, and cultural development emphasising collective self reliance. Its seven founding members are Sri Lanka, Bhutan, India, Maldives, Nepal, Pakistan, and Bangladesh. Afghanistan joined the organisation in 2007. Meetings of heads of state are usually scheduled annually; meetings of foreign secretaries, twice annually. It is headquartered in Kathmandu. Nepal.
Regional centres
The SAARC Secretariat is supported by following Regional Centeres established in Member States to promote regional co-operation. These Centres are managed by Governing Board comprising representatives from all the Member States, SAARC Secretary-General and the Ministry of Foreign/External Affairs of the Host Government. The Director of the Centre acts as Member Secretary to the Governing Board which reports to the programming committee.
SAARC Agricultural Centre (SAC), Dhaka
SAARC Meteorological Research Centre (SMRC), Dhaka
SAARC Tuberculosis Centre (STC), Kathmandu
SAARC Documentation Centre (SDC), New Delhi
SAARC Human Resources Development Centre (SHRDC), Islamabad
SAARC Coastal Zone Management Centre (SCZMC), Maldives
SAARC Information Centre (SIC), Pakistan
SAARC Disaster Management Centre (SDMC), India
SAARC Development fund (SDF), Bhutan
SAARC Forestry Centre (SFC), Bhutan SAARC Cultural Centre (SCC), Sri Lanka
BRICS
BRICS is the acronym for an association of five major emerging national economies : Brazil, Russia, India, China and South Africa. The grouping was originally known as “BRIC” before the inclusion of south Africa in 2010. The BRICS members are all developing or newly industrialized countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members. As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$ 16.039 trillion and an estimated US$4 trillion in combined foreign reserves. Presently, South Africa holds the chair of the BRICS group. The BRICS have received both praise and criticism from numerous quarters.
BRICS Development Bank
The BRICS Development Bank is a proposed development bank of the BRICS nations. Its establishment was agreed to by BRICS leaders at the 2013 BRICS summit held in Durban, South Africa on 27 March 2013. Among its goals is to provide funding for infrastructure projects and create a “Contingent Reserve Arrangement” worth $ 100 billion which will help member countries counteract future financial shocks.
