Abstract
The globalisation wave gave rise to a number of regional arrangements. The thought of economic regionalism expanded the prominence in international trade as well as regional diplomacy. In present world, no nations survive into economic isolation. So, Trade liberalisation alone is notadequate condition for nations to turn either single or multiple “Regional Integration Arrangements” (RIA). Within such arrangements. Desire is to assist neighbouring states for mutually beneficial purposes, as well as to take anticipatory action against the spill over of unrest and mass economic migration. The fascinating logic of regional groupings in Asia, coupled with the obvious failure of SAARC and the near incapacitating East Asian crisis of 1997, jointly contributed to the creation of BIMSTEC. The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) grouping, brainchild of Thailand, is a unique initiative in sub regional economic cooperation. It has the distinction of combining five geographically contiguous countries of SAARC with two of ASEAN, thus creating a vast scope for regional development. BIMSTEC is a relatively young organization among the various regional and sub-regional grouping in Asia. This paper investigate growth of Intra-regional trade and investment among India and BIMSTEC nations and their prospects and challenges. Time series data has been used to calculate intra-regional trade with Intra Industry Trade (IIT) index and econometric model i.e. ARIMA (Auto Regressive Integrated Moving Average) has been used for analysing prospects of trade and investment. The group demonstrate that there is momentous progress to expand the intra-bloc trade and investment with preferential liberalisation within the regional arrangement.
Published Version
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