This working paper takes a look at the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) as examples of regional institutions that were able to successfully foster economic growth and competitiveness. More specifically, the paper discusses the economic achievements of regional integration within the ASEAN and compares it with the EU. It offers lessons from the ASEAN integration that could help accelerate South Asian regional integration. It also examines the political and economic barriers hindering economic integration in South Asia, and emphasizes potential benefits regional integration and economic cooperation could bring to the South Asian Association for Regional Cooperation (SAARC) region. These include reduced economic dependence on developed countries, increased trade, and stronger economic growth in the SAARC region.

Author: Falendra Kumar Sudan

Year: 2020

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Tags: Regional Cooperation, Economic Cooperation, EU, ASEAN, ADB RCI