Indian Ocean Rim nations cooperation on SEZs
India and several other nations bordering the Indian Ocean have decided to evolve a regional mechanism for cooperation on Special Economic Zones (SEZ) – or duty-free enclaves with tax holidays — to boost exports.
- This was decided at the recently held first-of-its-kind meeting between SEZ authorities from Indian Ocean Rim (IOR) nations at Chabahar, Iran. Notably, Chabahar houses a Free Trade Zone (FTZ) – a synonym for SEZs.
- The meeting comes at a time of global economic and trade slowdown and attempts are being made by countries to boost growth through trade.
About IORA:
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 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.
- The Coordinating Secretariat of IORA is located at Ebene, Mauritius.
- The organisation was first established as Indian Ocean Rim Initiative in Mauritius on March 1995 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.
- The Association comprises 20 member states and 7 dialogue partners, the Indian Ocean Tourism Organisation and the Indian Ocean Research Group has observer status.
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.
