The organization promotes development of economic and regional integration. In the ending years of the s, the seven inner South Asian nations that included Bangladesh , Bhutan , India , the Maldives , Nepal , Pakistan , and Sri Lanka agreed upon the creation of a trade bloc and to provide a platform for the people of South Asia to work together in a spirit of friendship, trust, and understanding. President Ziaur Rahman later addressed official letters to the leaders of the countries of the South Asia, presenting his vision for the future of the region and the compelling arguments for region. In the inaugural speech to the Colombo Plan Consultative Committee which met in Kathmandu also in , King Birendra of Nepal gave a call for close regional cooperation among South Asian countries in sharing river waters. After the USSR 's intervention in Afghanistan , the efforts to establish the union was accelerated in and the resulting rapid deterioration of South Asian security situation. Pakistan assumed that it might be an Indian strategy to organize the other South Asian countries against Pakistan and ensure a regional market for Indian products, thereby consolidating and further strengthening India's economic dominance in the region.
South Asian Association for Regional Cooperation - Wikipedia
What is unusual about the current state of play is that Western countries are missing from the picture. With the U. COVAX, a global initiative led by the World Health Organization WHO , among others, was initially designed with this in mind — as a collective mechanism that would distribute vaccines equitably among participating countries. Instead, rich countries fell over themselves to sign purchase agreements for vaccines, locking in the future capacity of major vaccine makers and pushing everyone else to the back of the queue. Production capacities are global, including within China, and the world is facing a vaccine shortage that may persist long into Chinese vaccines are helping fill that gap.
Between the early s and s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies , specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres , whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices.