- South Asian Economic Union
South Asianleaders called for setting up for SAEU at end of the 14th SAARCsummit in New Delhi, 2007.
Steps To Create A Economic Union
*First Step: Setting up "Preferential Trade Agreement" and/or reduce customs.
*Second Step: Setting up a "Free Trade Area".
*Third Step: Setting up a united "Customs Union".
*Fourth Step: Setting up a "Free Market" where labour and capital can freely move.
*Fifth Step: Setting up a "Economic Union".
Status of South Asian Countries to Become an Economic Union
*First Step: Done.
*Second Step: In the process of being completed.
*Third Step: Not done. Seems to be very difficult for SA countries as different countries have very different ideas and beliefs.
*Fourth Step: Not done. Seems a very difficult step for SA countries.
*Fifth Step: Not done. Will probably take a very long time to accomplish this. Probably will not be possible for decades.
South Asian Association for Regional Cooperation
South Asia Free Trade Agreement
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