Criteria | Advantages of BIMSTEC | Disadvantages of SAARC | SAARC’s Continuing Relevance |
Population | BIMSTEC region hosts 22% of the world population | SAARC countries have a significant population but face challenges in economic integration. | SAARC includes major South Asian economies like India and Pakistan, contributing significantly to the combined GDP and population of the region. |
Economic Power | Member states have a combined GDP of US$3.697 trillion per year. |
Sustained Growth | All BIMSTEC member states maintained growth rates between 3.4% and 7.5% from 2012 to 2016. | SAARC faces economic inefficiencies, with SAFTA accounting for only around 10% of total regional trade. | BIMSTEC countries have shown growth, but SAARC's longer track record provides a more established pattern of sustained economic progress. |
Foreign Policy Alignment | BIMSTEC aligns with India's foreign policy, meeting objectives like "Neighborhood First" and "Act East." | SAARC has faced challenges in holding annual summits due to political tensions, leading to suspensions and boycotts. | BIMSTEC, while aligning with India's foreign policy, may not have the same level of historical and institutional alignment as SAARC. |
Diplomatic Success | India used BIMSTEC to isolate Pakistan during political tensions within SAARC. | SAARC lacks mechanisms for resolving disputes, hindering progress on contentious bilateral issues. |
Crucial Against Assertive China | BIMSTEC provides a platform for India to counter Chinese investments by promoting connectivity projects. | SAARC faces geopolitical mistrust within the group. China's Trade Integration with South Asia is stronger than South Asia's within itself. | BIMSTEC's focus on the Bay of Bengal region may not provide the same level of regional unity against external assertiveness as SAARC. |
Maritime Diplomacy | BIMSTEC engagement aligns with India's SAGAR Initiatives. | SAARC has ongoing border and water-sharing issues, including the India-Pakistan border dispute. |
Intra-regional Cooperation | BIMSTEC focuses on key connectivity projects like the Kaladan Multimodal Project and Asian Trilateral Highway. | SAARC's regional disputes and China's influence have also hindered effective multilateralism. | SAARC has historically aimed at fostering intra-regional cooperation through various initiatives, including the SAFTA (South Asian Free Trade Area) agreement. |
Connectivity for North-eastern States | BIMSTEC contributes to the economic development of India's north-eastern states through connectivity projects. | SAARC faces FDI disparities, with over 84% going to India, leaving other member countries with limited investment. | SAARC provides connectivity opportunities for India's north-eastern states through initiatives like the SAARC Motor Vehicles Agreement. |