Explain South Asian Economic Union.

The South Asian Economic Union (SAEU) is a proposed regional economic integration initiative aimed at fostering greater economic cooperation among South Asian countries. The concept envisions a deeper level of economic integration beyond the existing South Asian Association for Regional Cooperation (SAARC).

The SAEU aims to eliminate barriers to trade, investment, and economic cooperation among its member states, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The objective is to create a seamless economic environment that promotes the free flow of goods, services, and capital across national borders.

Key elements of the SAEU include the establishment of a common market, the removal of tariff and non-tariff barriers, and the coordination of economic policies among member countries. The initiative seeks to leverage the region's economic potential by creating a more integrated and interconnected South Asian economy.

While the idea of a South Asian Economic Union has been discussed and endorsed at various forums, its full implementation faces challenges related to political differences, historical tensions, and varying levels of economic development among member states. Despite these challenges, the SAEU represents a vision for a more cohesive economic bloc in South Asia.