[IR] Indian Ocean Rim Association for Regional Cooperation

Indian Ocean Rim Association for Regional Cooperation

The Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC), initially known as the Indian Ocean Rim Initiative, is an international organization with 20 member states. It was first established in Mauritius on March 1995 and formally launched on 6–7 March 1997.

The Association disseminates information on trade and investment regimes, with a view to helping the region's business community better understand the impediments to trade and investment within the region. These information exchanges have been intended to serve as a base to expand intra-regional trade

-------Member Countries
-------Dailogue Partners

20 full time Members	6 Dialogue partners
Australia Bangladesh India Indonesia Iran Kenya Malaysia Madagascar Mauritius Mozambique Oman Seychelles Singapore South Africa Sri Lanka Tanzania Thailand UAE Yemen. Comoros (latest added in 2012)	China Egypt France Japan UK USA (latest added 2012)

Seychelles joined in March 1999 but withdrew in July 2003. Seychelles re-joined in November 2011 as the 19th member

Dialogue Partners

Countries with the status of dialogue partners are:

• China
• Egypt
• France
• Japan
• United Kingdom
• United States

Turkey has applied for dialogue partner status. This application was deferred pending clarification on the criteria for such participation. The Indian Ocean Tourism Organisation has observer status

Objectives

The objectives of IOR-ARC are as follows:

1. To promote sustainable growth and balanced development of the region and Member States
2. To focus on those areas of economic cooperation which provide maximum opportunities for development, shared interest and mutual benefits
3. To promote liberalisation, remove impediments and lower barriers towards a freer and enhanced flow of goods, services, investment, and technology within the Indian Ocean rim.
4. To identify other areas of cooperation as may be mutually agreed
5. To encourage close interaction of trade and industry, academic institutions, scholars and peoples of the members states
6. To strengthen cooperation and dialogue among member states in international forums on global economic issues, and take common positions on issues of mutual interest;
7. To promote cooperation in development of human resources, particularly through closer linkages among institutions of the member states.

Principle of 'Open Regionalism'
The IORARC is perhaps the only organization, which is based on the principle of 'Open Regionalism', as encouraged by the WTO.

Significance of IORARC

1. The Indian Ocean holds significant position in international trade and communication.
2. It is rich in strategic and precious minerals and other natural resources(including marine).
3. Abundant Agricultural wealthin terms of variety and mass arable land and has significant human resourcesand technological capabilities
4. The combine GDP of IORARC(2011) was estimated to $6.5 trillion. The total trade of the in the same period was to the tune of $ 1.1 trillion Between 2001-2011 stare trade has increased from 8.6%
5. It has a strategic role in global peace and security 

Forums and Institutions

• Council of Ministers (COM)
• Committee of Senior Officials (CSO)
• Indian Ocean Rim Business Forum (IORBF)
• Indian Ocean Rim Academic Group (IORAG)
• Working Group on Trade and Investment (WGTI)
• IOR-ARC High Level Task Force