Regional and economic groupings are formed by nations to strengthen their economies by close cooperation and by knowledge sharing. Regional and economic groupings such as the SAARC, European Union, ASEAN, G-8, G-20, BRICS etc helps the member countries to know the development strategies and measures adopted by other member countries. This enables them to analyse their strength and weakness and, thereby, formulate policies to accelerate social progress and cultural development among its member countries. This is particularly considered essential by developing countries as they face competition not only from developed nations but also amongst themselves in the relatively limited economic space enjoyed by the developing world.