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Various Countries have come together to form various regional and economic groups like

BRICS

European Union

ASEAN

G-8

G-20

 

Some of these are Regional Groups

(Group of Countries found in similar Regions of world)

Example

SAARC (All South east Asian Countries)

European union (All European Countries)

ASEAN (All South Asian Countries)

 

 

Some of these are Economic Groups

Countries who share similar economic Status

Example

Group of Developing Countries (BRICS)

Group of Developed Countries (G8)

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Name of Economic Group Countries who are Member

Name of Group Countries Involved Common Point
BRICS Brazil, Russia, India, China, South Africa  All are Emerging Economies
G-8 France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia Group of 8 highly Industrialized Countries like 
G-20 All Major Counties of world including India, China, USA(but doesn’t include Pakistan) Group of 19 Countries + European Unions

 

What is Purpose of forming these Economic and Regional Groups?

 

1. Strengthen Local Economy

To Strengthen their Domestic Economies by learning from other countries operating in shared environment

 

2. Safeguard Common Interests

To Seek Cooperation from Other Members facing similar issues

 

3. Peace and Stability

To Maintain Peace and Stability in Region

 

4. Promote International Trade

Different countries make trade groups to fix price for their product and prevent competition among member

 

NCERT Questions

Question 1

Why are regional and economic groupings formed?

View Answer

 

Question 2

What are the various means by which countries are trying to strengthen their own domestic economies?

View Answer

 

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Transcript

Different Groups of Countries BRICS All these Developing Nations (This is called Economic Groups) SAARC All these South East Asian Nations (This is called Regional Groups) Different Grouping of Countries Regional Groups Economic Groups Group of Countries which share same area or region Group of Countries which share same Economic Status Example BRICS (Group of Developing Nations) G8 (Group of top 8 Highly Industries Nations of world) Example SAARC (All South east Asian Countries) European union (All European Counties) Different Economic Groups Formed Name of Group Countries Involved Common Point BRICS Brazil, Russia, India, China, South Africa All are Emerging Economies G-8 France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia Group of 8 highly Industrialized Countries like G-20 All Major Counties of world including India, China USA(but doesn’t include Pakistan) Group of 19 Countries + European Unpins OPEC All main oil producing nations like Saudi Arab, Iran, Kuwait etc Organization of Petroleum Exporting Countries Why formed? To Strengthen Local Economy and learn from each other SAARC (All South east Asian Countries) Promote International Trade and fix prices of their Commodities European union (All European Countries) Different Regional Groups Formed Name of Group SAARC Countries Involved Countries Involved Common Point All south Asian Countries (South Asian Association for Regional Corporation) South east Asian Countries like Malaysia, Singapore, Thailand AEAN Means Association for Southeast Asian Nations EU Countries like France, Germany, Italy(doesn’t include UK) Countries like France, Germany, Italy(doesn’t include UK) Why formed? To Safeguard Common Interests To Safeguard Common Interests

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Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.