Seven South Asian Nations, viz, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka formally launched the South Asian Association for Regional Co-operation (SAARC) on December 8, 1985 with an underlying objective of striving for co-ordinated efforts to accelerate the economic development of the region.

Major partners of SAARC are low income economies, which have pursued over the last five decades a system of mixed economy as their economic system with a view to develop infrastructure and basic industries. All the members of SAARC are part of the Non-Aligned Movement (NAM). All the SAARC nations have sea borders and ports, except Bhutan and Nepal which are land-locked - accessible only by surface or air transport facilities. SAARC contries constitute 20 per cent of world's population, 3.5 per cent of total land area and account for only 2.0 per cent of the world gross national product.

SAARC is a manifestation of the determination of the peoples of South Asia to work together towards finding solutions to their common problems in a spirit of friendship, trust and understanding and to create an order based on mutual respect, equity and shared benefits.

The following are the main objectives of SAARC :

• To promote the welfare of the peoples of South Asia and to improve their quality of life

• To accelerate economic growth, social progress and cultutral development in the region and to provide all individuals the opportunity to live in dignity and to realise their full potential

• To promote and strengthen collective self-reliance among the countries of South Asia

• To contribute to mutual trust, understanding and appreciation of one another's problems

• To promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields

• To strengthen co-operation with other developing countries

• To strengthen co-operation among themselves in international forums on matters of common interests

• To co-operate with international and regional organisations with similar aims and purposes

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