South Asian Economic Union
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South Asian leaders called for setting up for SAEU at end of the 14th SAARC summit in New Delhi, 2007.
Steps To Create A Economic Union
First Step: Setting up "Preferential Trade Agreement" and/or reduce customs.
Second Step: Setting up a "Free Trade Area".
Third Step: Setting up a united "Customs Union".
Fourth Step: Setting up a "Free Market" where labour and capital can freely move.
Fifth Step: Setting up a "Economic Union".
Status of South Asian Countries to Become an Economic Union
First Step: Done.
Second Step: Not done.
Third Step: Not done. Seems to be very difficult for SA countries as different countries have very different ideas and beliefs.
Fourth Step: Not done. Seems a very difficult step for SA countries.
Fifth Step: Not done. Will probably take a very long time to accomplish this. Probably will not be possible for decades.
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