PAPER ID: IJIM/Vol. 8 (XI) March 2024/56-65 /8

AUTHOR:Vasudha Jolly   ^[I] Prof. Neera Verma^[II] 

TITLE: REGIONAL GROUP OF THE SOUTH AND ECONOMIC COOPERATION: AN EMPIRICAL ANALYSIS

ABSTRACT: During the present time, many emerging economies of the world are seeking opportunities to play a more active role and investigate new avenues for promoting development cooperation. There is an urgent need for restructuring the global regime. “Developing countries, “called such by developed ones” ought to play a more active role in global arena” (Sheriff,2018). In this regard, Nouriel Roubini & Stephen Mihm said, “In order to resolve global imbalances other players must sit at the table…the G-20 has started to supplant its more selective sibling bringing Brazil, Indonesia, South Africa, Saudi Arabia and other countries into the field.”

South- South Cooperation (SSC) is the one such step to strengthen the development process of the developing world. However, we must remember that SSC is a complement to, not a substitute for, North-South Cooperation (NSC), as emphasized by various outcome documents of various pertinent international conferences and declarations of the Group of 77 (G77) and China. Like any other ideology, South-South Cooperation also grew from injustice of political and economic dominance from global North.

South-South economic cooperation is critical to the dynamics of regional organizations such as ASEAN, BIMSTEC, BRICS and IORA. While these regional organizations are primarily concerned with regional integration and development, they frequently intersect with and benefit from South-South cooperation initiatives.

This paper is an attempt to analyse the contribution of Regional Groups of the South, namely ASEAN, BIMSTEC, BRICS and IORA, towards the strengthening of economic cooperation among the South-South countries. The member countries frequently face comparable development issues and have worked together to boost economic growth, reduce poverty, and strengthen their global bargaining leverage. Trade agreements, investment collaborations, technology transfer, and development assistance are all examples of South-South cooperation.

KEYWORDS: South-South cooperation, North-South Cooperation, ASEAN, BIMSTEC, BRICS, IORA

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