Prospects for Cooperation in the Indian Ocean Region: A Case Study of the Indian Ocean Rim Association

The goal of the chapter is to analyze the prospects of the Indian Ocean Rim Association (IORA), a regional inter-governmental organization focused on economic cooperation and maintaining security. Cooperation between the IORA countries was prompted by a number of common problems: ensuring food security, maritime security and distribution of financial and energy resources. The chapter identifies opportunities for sustainable development in the region. In particular, new opportunities are offered by the increasing geo-economic significance of the Indian Ocean and participation in the Chinese twenty-first century Maritime Silk Road (MSR) project, as well as by strengthening maritime security, which promises a positive impact on all the IORA priority areas. Threats to economic cooperation within the IORA are also analyzed. Diversity in political systems’ and civil society development of the IORA countries, their security status, cultural values and religions make it difficult to create a common political identity. The uneven economic development of the IORA countries also proves to be a challenge in promoting economic integration. Since regional integration is no longer a constraining strategy for trade and investment operations between neighboring regions, the development of the IORA should follow the path of expanding cooperation with dialogue partners (Russia, for instance) and international organizations (ASEAN, BRICS) in the future, with such topics as Blue Economy, digital and “green economy” being the priority areas.