EVOLUTION OF ECONOMIC & FINANCIAL BUSINESS PRACTICES IN SAARC-COOPERATION FOR A SUSTAINABLE SOUTH ASIAN REGION (SAARC)

The business practices in the SAARC region are to a large extent based on the cultural values, traditions and considerations of the member countries though western influences have started to become evident. There are differences in the economic development levels of the eight SAARC countries. The objective of SAARC is to maximize the potential for trade and development in the region and also to recognize & execute strategies to alleviate the economic & environmental challenges of the least developed countries and help them attain sustainable economic & environmental development. The importance of SAARC is because it comprises of three percent of the world’s area containing twenty-one per cent of the world’s population with approximately four per cent of the global investment environment in the SAARC countries range from corruption, poor infrastructure to poverty which hinders the commercial developmentacross countries like Afghanistan and Bhutan thus making them rank among the least developed countries of the world. The article is part of an exploratory research study on the significant factors influencing the economic and financial business practices of SAARC and how environmental friendly business practices adapted from the west, like e-portals are being implemented which has led to an increased awareness about the importance of conserving the environment along with economic development concerns.