(i) To accelerate the economic growth, social progress and cultural development in the region.
(ii) To promote regional peace and stability.
(iii) To promote co-operation among the members of ASEAN through the exchange of knowledge and experience in the field of public.
sector auditing.
(iv) To provide a conducive environment and facilities for research, training, and education among the members.
(v) To serve as a centre of information and as a ASEAN link with other international organizations.

(i) The name "International Bank for Reconstruction and Development" was first suggested by India to the drafting committee.
(ii) Both have developed a close relationship with each other from framing the policies of economic development in India to financing the implementation of these policies.
(iii) World Bank has given assistance to India in the development of infrastructures such as electric power, transport, communication, irrigation projects and steel industry.
(iv) IFC has identified five prioriry areas - capital market development, direct foreign investment, access to foreign markets, equity investments in new and expanding companies and infrastructure.
(v) World Bank assisted India in accelerating poverty alleviation programmes.
(vi) China became a member of World Bank in 1980, India was the largest beneficiary of World Bank assistance.

Basic Credit Facility:
(i) IMF provides loan to overcome temporary BoP difficulties.
(ii) A member nation can purchase from the Fund other currencies or SDRs, in exchange for its currency to finance payment deficits.
(iii) The loan is repaid when the member repurchases its own currency.
(iv) A member can unconditionally borrow from the Fund in a year equal to 25% of its quota.
Extended Fund Facility:
(i) IMF provides additional borrowing facility up to 140% of the member's quota for 3 years at low rate of interest.
Compensatory Financing Facility (1963)
(i) It provides additional financial assistance to primary producing member countries facing shortfall in export earnings.
Buffer Stock Facility (1969)
(i)  It helps primary producing countries to finance contributions to buffer stock arrangements for the stabilisation of primary product prices.
Supplementary Financing Facility:
(i) IMF makes temporary arrangements to provide supplementary financial help to members facing payment problems relating to their present quota sizes.
Structural Adjustment Facility (1986):
(i) It provides additional BoP assistance on concessional terms to poorer member nations.
(ii) In December 1987, the Enhanced Structural Adjustment Facility was set up to increase the availability of concessional resources to low income countries.

(i) The IMF has succeeded in establishing a scheme of Special Drawing Rights (SDRs) which is otherwise called ‘Paper Gold’.
(ii) They are a form of international reserves created by the IMF in 1969 to solve the problem of international liquidity.
(iii) They are allocated to the IMF members in proportion to their Fund quotas.
(iv) SDRs are used as a means of payment by Fund members to meet balance of payments deficits and their total reserve position with the Fund.
(v) Thus SDRs act both as an international unit of account and a means of payment.
(vi) All transactions by the Fund in the form of loans and their repayments, its liquid reserves, its capital, etc., are expressed in the SDR.
(vii) The achievements of the fund can be summed up in the words of Haien that ‘Fund is like an International Reserve Bank'.

(i) It facilitates free movement of goods, services and investments within ASEAN by creating a single regional market like the European Union.
(ii) It provides free access to the marketers of one member country to the markets of all other member countries, thus fostering growth in the region.
(iii) It improves business competitiveness between businesses from different countries and also narrow developmental gaps between member countries.
(iv) It paves way for market and investment opportunities for the member nations.
(v) It fosters co-operations in many areas including industry and trade.

1. Agreement on Trade Related Intellectual Property Rights (TRIPs)
(i) Intellectual Property Rights include copy right, trade marks, patents, geographical indications, trade secrets, industrial designs, etc.
(ii) TRIPS Agreement provides for granting product patents instead of process patents.
(iii) The period of protection will be 20 years for patents, 50 years for copy rights, 7 years for trade marks and 10 years for layout designs.
(iv) As a result of TRIPS, the dependence of LDCs on advanced countries for seeds, drugs, fertilizers and pesticides has increased.
(v) Farmers are depending on the industrial firm for their seeds
2. Agreement on Trade Related Investment Measures (TRIMs)
(i) TRIMs are related to conditions or restrictions in respect of foreign investment in the country.
(ii) It calls for introducing equal treatment for foreign companies on par with national companies. TRIMs were widely employed by developing countries.
3. General Agreement on Trade in Services (GATS)
(i) GATS is the first multilateral set of rules covering trade in services like banking, insurance, transportation, communication, etc.,
(ii) All members countries are supposed to extend MFN (Most Favoured Nation) status to all other countries without any discrimination
(iii) Transparency should be maintained by publishing all relevant laws and regulations over services
4. Phasing out of Multi Fibre Agreement (MFA)
(i) The multi fibre agreement governed the world trade in textiles and garments since 1974.
(ii) It imposed quotas on export of textiles by developing nations to the developed countries
(iii) This quota system was to be phased out over a period of ten years. This was beneficial to India.
5. Agreement on Agriculture (AoA)
(i) Agriculture was included for the first time under GATT.
(ii) The important aspects of the agreement are Tariffication, Tariff cuts and Subsidy reduction.

The following are the objectives of the World Bank:
1. To help member countries for economic reconstruction and development.
2. To stimulate long-run capital investment for restoring Balance of Payments (BoP) equilibrium and thereby ensure balanced development of international trade among the member nations.
3. To provide guarantees for loans meant for infrastructural and industrial projects of member nations.
4. To help war ravaged economies transform into peace economies.
5. To supplement foreign private investment by direct loans out of its own funds for productive purposes.

The main achievements of International Monetary Fund are as follows
i) Establishment of monetary reserve fund:
The Fund has played a major role in achieving the sizeable stock of the national currencies of different countries. To meet the foreign exchange requirements of the member nations, IMF uses its stock to help the member nations to meet foreign exchange requirements.
ii) Monetary discipline and cooperation
The IMF has shown keen interest in maintaining monetary discipline and cooperation among the member countries. To achieve this objective, it has provided assistance only to those countries which make sincere efforts to solve their problems.
iii) Special interest in the problems of UDCs
The notable success of the Fund is the maintenance of special interest in the acute problems of developing countries. The Fund has provided financial assistance to solve the balance of payment problem of UDCs. However, many UDCs continue to be UDCs, while the developed countries have achieved substantial growth.

(i) Basic Credit Facility:
The IMF provides financial assistance to its member nations to overcome their temporary difficulties relating to balance of payments. A member nation can The IMF provides financial assistance to its member nations to overcome their temporary difficulties relating to balance of payments. A member nation can purchase from the Fund other currencies or SDRs, in exchange for its own currency, to finance payment deficits. from the Fund other currencies or SDRs, in exchange for its own currency, to finance payment deficits.
(ii) Extended Fund Facility
Under this arrangement, the IMF provides additional borrowing facility up to 140% of the member’s quota, over and above the basic credit facility.
(iii) Compensatory Financing Facility
IMF established compensatory financing facility to provide additional financial assistance to the member countries, particularly primary producing countries facing shortfall in export earnings.
(iv) Buffer Stock Facility
The purpose of this scheme was to help the primary goods (food grains) producing countries to finance contributions to buffer stock arrangements for the stabilisation of primary product prices.
(v) Supplementary Financing Facility
Under the supplementary financing facility, the IMF makes temporary arrangements to provide supplementary financial assistance to member countries facing payments problems relating to their present quota sizes.
(vi) Structural Adjustment Facility
The purpose of Structural Adjustment Facility (SAF) and Enhanced Structural Adjustment Facility (ESAF) is to force the poor countries to undertake strong macroeconomic and structural programmes to improve their balance of payments positions and promote economic growth.

(i) Bringing stability in exchange rate
The IMF is maintaining exchange rate stability and emphasising devaluation criteria, restricting members to go in for multiple exchange rates and also to buy or sell gold at prices other than declared par value.
(ii) Correcting BOP Disequilibrium
The IMF is helping the member countries in eliminating or minimizing the short-period disequilibrium in their balance of payments either by selling or lending foreign currencies to the member nation.
(iii) Determining par values
IMF enforces the system of determination of par values of the currencies of the member countries. According to the Articles of Agreement of the IMF, every member nation should declare the par value of its currency in terms of gold or US dollars. Under this article, IMF ensures smooth working of the international monetary system, in favour of some developed countries.
(iv) Balancing demand and supply of currencies
IMF is entrusted with the important function of maintaining balance between demand and supply of various currencies. The Fund (IMF) can declare a currency as scarce currency which is in great demand and can increase its supply by borrowing it from the country concerned or by purchasing the same currency in exchange of gold.
(v) Reducing trade restrictions
The Fund also aims at reducing tariffs and other trade barriers imposed by the member countries with the purpose of removing restrictions on remittance of funds or to avoid discriminating practices.
(vi) Providing credit facilities
IMF is providing different borrowing and credit facilities with the objective of helping the member countries. These credit facilities offered by it include basic credit facility, extended fund facility for a period of three years, compensatory financing facility and structural adjustment facility

India and world Bank:
(i) The name "International Bank for Reconstruction and Development" was first suggested by India to the drafting committee.
(ii) Since then the two have developed close relationship with each other from framing the policies of economic development in India to financing the implementation of these policies.
(iii) The World Bank has given large financial assistance to India for economic development.
iv) Special mention may be made of the assistance World Bank has given to India in the development of infrastructure such as electric power, transport, communication, irrigation projects and steel industry.
(v) The IFC has identified five priority areas, namely, capital market development, direct foreign investment, access to foreign markets, equity investments in new and expanding companies and infrastructure.
(vi) The World Bank has also assisted India in accelerating programmes of poverty alleviation and economic development.

(i) The establishment of SAARC Preferential Trading Agreement (SAPTA) and reduction in tariff and non - tariff barriers in imports.
(ii) The setting up for Technical Committees for economic co - operation among SAARC countries relating to agriculture, communication, education, health, population, rural development, science and technology, tourism etc.
(iii) SAARC was established a three - tier mechanism, for exchanging information on poverty reduction programmes.
(vi) SAARC agricultural information centre(SAIC) in1988 works as central information institution for agriculture related resources like fisheries, forestry etc.
(v) South Asian Development fund (SADF) for development projects, human resource development and infrastructural development projects

(i) To promote the Welfare of the people of south Asia and improve their quality of life.
(ii) To accelerate economic growth, social progress and cultural development in the region.
(iii) To promote and strengthen collective self reliance among the countries of south Asia.
(iv) To contribute to mutual trust and understanding and appreciation of another's problems.
(v) To strengthen co-operation with other developing countries
(vi) To strengthen co-operation among themselves in international forums on matters of common interest.
(vii) To co-operate with international and regional organisations with similar aims and purpose.

(i) It acts as a promoter of more legitimate international system and also advocating reform of the UN security council.
(ii) This group of nation is especially most for South - South framework for cooperation
(iii) It performs as an agent to bridge the increasing gap between developed and developing countries. For instance in the WTO, the BRICS countries are emphasizing to promote a fair order regarding agricultural policies.
(iv) It performs a commendable contribution for assisting developing countries in gaining in areas such as an advantage in trade and climate change negotiations.
(v) It disseminates information and exchange platform beyond economic co-operation.
(vi) It act as a catalytic in protecting the interest of middle powers on global forum.