The Indian Ocean Rim Association (IORA) recently convened its Council of Ministers meetings in Colombo on October 11. With 23 members and 11 dialogue partners, IORA plays a crucial role in fostering regional cooperation around the Indian Ocean.

Formation of IORA:

The countries include African, West Asian, South Asian, South East Asian, Australian, and Indian Ocean bordering states.

The organisation's apex body, the Council of Foreign Ministers convenes annually with the chairmanship rotating every two years.

In 1997, the organization, initially called the Indian Ocean Regional Association for Regional Cooperation was formed in Mauritius.

It's origin can be traced back to a speech by former South African President Nelson Mandela during a visit to India in 1995.

In his speech, Mandela proposed the idea of an Indian Ocean Rim for socio-economic cooperation among multilateral institutions like the United Nations, the Commonwealth, and the Non-Aligned Movement.

Significance of the Indian Ocean Region:

The region holds immense importance due to its geographical, economic, and strategic relevance. Approximately, 2.6 billion people reside in this region. Furthermore, a great deal of global trade is also pivoted in this region. The region collectively produces goods and services worth billions and millions. Hence, it becomes a crucial place for trade and commerce cooperation.

IORA provides a 'safe space' for India to deal with the constant challenges posed by Big Powers. Membership in IORA is based on consensus. For example, Pakistan's membership in IORA is long due as it has not extended the Most Favored Nation (MFN) status to India.

IORA has several priority areas such as maritime security, trade and investment center, disaster risk management, development of technology, and tourism as an industry with deep-rooted cultural exchanges. It also releases funds to address issues of climate change.

It has always been underlined that the Indian Ocean should be made a 'free, open and inclusive space.' It is expected that the countries must respect the UN Convention on the Laws of the Seas.

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Reference:

• currentaffairs.adda247.com