Indian Ocean Rim Association for Regional Co-operation (IOR-ARC)
The IOR-ARC is a cooperation of the countries belonging to the Indian Ocean Rim. It was set up in 1997 in the country of Mauritius. The objective of this regional cooperation body is technical and economic cooperation amongst the member countries. It is the only body of its kind.
Presently it has 19 member countries from three different continents. It is an extremely diverse group since these countries represent not only different culture but also economic might and geographic limitation. The 19 countries are:
Australia, Bangladesh, India, Indonesia, Iran, Kenya, Malaysia, Madagascar, Mauritius, Mozambique, Oman, Seychelles, Singapore, South Africa, Sri Lanka, Tanzania, Thailand, UAE and Yemen.
There are 5 Dialogue partners for this body. They are :
China, Egypt, France, Japan and UK
There are two Observers. They are:
Indian Ocean Research Group (IORG) and Indian Ocean Tourism Organisation (IOTO), Oman.
This body is critical to development of the region as it is abundant with precious minerals, metals and other natural resources. This body promotes the fair trade and aids the socio-economic ties between the member countries.
Objectives in brief:
- Promotion of inclusive and balanced development and sustained growth of the member countries
- The economic cooperation should create mutual and shared benefits
- Promotion of liberalised trade. The barriers should be removed and they must allow free flow of goods and services
- Absolute end to the discrimination and prejudice under other similar trade agreements and close interaction between academic institutions and other such bodies
- Foster mutual trust amongst member countries. So that they represent the same concerns and points of view on international forum
- Promotion of Human Resources. This can be achieved via the close interactions between academic institutions and specialised centres of excellence for training and other such purposes
Economy of the Region:
- Combined GDP of the member countries of IOR-ARC – 2010: US$ 5.7 trillion, 2011: US$ 6.5 trillion
- Trades tripled for the region from 2001 to 2011. Exports increased; 2001: US$ 564 billion, 2010: US$ 1.8 trillion
- India’s share of trade in the IIOR-ARC has grown more than eight folds in the period of 2001-2010. US$ 10 billion to US$ 156.3 billion.
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