Indian Ocean Rim Association For Regional Cooperation (IOR-ARC)
The Indian Ocean Rim Association (IORA), formerly known as the Indian Ocean Rim Initiative and Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), is an international organisation consisting of 22 coastal states bordering the Indian Ocean. The IORA is a regional forum, tripartite in nature, bringing together representatives of Government, Business, and Academia, for promoting co-operation and closer interaction among them. It is based on the principles of Open Regionalism for strengthening Economic Cooperation, particularly on Trade Facilitation and Investment, Promotion as well as Social Development of the region.
|United Arab Emirates
Objective of IORA
- To promote sustainable growth and balanced development of the region and member states
- To promote liberalisation, lower barriers towards a freer and enhanced flow of goods, services, investment, and technology within the Indian Ocean rim.
- To focus on those areas of economic cooperation which provide maximum opportunities for development, shared interest, and mutual benefits
Priority areas of IORA
- Disaster risk reduction,
- Academic and scientific cooperation and
- Blue Economy and
- Women's Economic Empowerment
- Fisheries management,
- Tourism promotion and cultural exchanges
- Maritime security,
- Trade and investment facilitation,
Importance of IORA
- It is a region of much cultural diversity and richness - in languages, traditions, religions, arts, and cuisines
- Here important sea line of communication which connecting the Indian Ocean and Pacific Ocean
- India Ocean also has untapped resources like Polymettalic nodule, fishes, renewable source of energy, etc
- In this region important chokepoint is the Malacca strait, Strait of Hormuz which affect supply line
- The existence of IORA is a reminder of the untapped potential of Indian Ocean regionalism. Nearly five decades ago, as the result of decolonisation, the attempt to bring together the Indian Ocean states faltered amidst deep divisions within the littoral and due to the negative impact of the Cold War. Today, the IORA highlights the region’s agency in shaping its own future.
- It carries half of the world’s container ships, one-third of the world’s bulk cargo traffic, and two-thirds of the world’s oil shipments. It is a lifeline of international trade and transport