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Why Are Regional and Economic Groupings Formed? - Economics

Answer in Brief

Why are regional and economic groupings formed?

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Solution

With the objective of understanding various means and strategies to strengthen the economies, different nations of the world are motivated to form regional and global economic groups like SAARC, European Union, ASEAN, etc. The formation of such regional and economic groups helps the member countries to know the development strategies and measures adopted by other member countries. This enables them to analyse their strength and weakness and, thereby, formulate policies to accelerate social progress and cultural development among its member countries. Secondly, another important purpose behind setting up of these groups is maintenance of peace and stability of the member countries. In addition to this, these groups provide a common platform to raise their voice in a unified manner on common issues to safeguard their common interests.

Concept: Comparative Development Experiences of India and Its Neighbours
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APPEARS IN

NCERT Class 12 Economics - Indian Economic Development
Chapter 10 Comparative Development Experiences of India and Its Neighbours
Exercise | Q 1 | Page 195
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