Prospects of Regionalism: Comparative Analysis of SAARC and ASEAN

Abstract

The purpose of this research paper is to conduct a comparative study of the ASEAN and SAARC to highlight the prospects of regionalism in South Asian and South East Asian region. The socio-political hindrance in the economic development of South Asia is one of the major failures of SAARC. ASEAN illustrate an ideal example for the South Asia to acquire economic liberalization and regional stability. People-oriented approach of ASEAN member states pave the way for socio-economic development in South East Asia. Likewise, South Asian states would strive for socio-political stability by following people oriented approach and economic liberalization in the South Asian region. On the other hand, the increasing ties between ASEAN member states and SAARC would be a better opportunity for South Asian states to develop a stable regional environment.