Question

India and several other nations bordering the Indian Ocean have decided to evolve a regional mechanism for cooperation on Special Economic Zones to boost exports. Consider the following statements:

Which of the above statement(s) is/are incorrect?

• A. 2 and 3 only
• B. 1and 4 only
• C. 1 only
• D. None of these

Answer 1

The correct option is D None of these

The Indian Ocean Rim Association (IORA) is an international organization with 21 Member States - Australia, Bangladesh, Comoros, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Seychelles, Singapore, Somalia, South Africa, Sri Lanka, Tanzania, Thailand, UAE and Yemen. IORA has 7 Dialogue Partners, with an ever-growing momentum for mutually beneficial regional. It is 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.
• The group came into being in March 1995 in Mauritius and formally launched in 1997 by the conclusion of a multilateral treaty known as the Charter of the Indian Ocean Rim Association for Regional Co-operation. Through it pass some of the most important energy transport routes from Middle East to South-East and East Asia, and securing these routes has become a global priority.

Objectives of IORA:

• To promote sustainable growth and balanced development of the region and member states.
• To focus on those areas of economic cooperation which provide maximum opportunities for development, shared interest and mutual benefits.
• 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.