What is meant by ‘regionalism’? In this context, distinguish between bilateralism and multilateralism.

Regionalism in the Context of Indian Economy: A Distinction between Bilateralism and Multilateralism

Regionalism refers to the economic integration of a group of countries within a specific geographic region. In the context of the Indian economy, regionalism often manifests through cooperative agreements and partnerships between countries in South Asia or neighboring regions. These collaborations aim to foster economic growth, trade, and development by leveraging shared geographical proximity and cultural ties. However, it's essential to distinguish between two key approaches in regional economic cooperation: bilateralism and multilateralism.

Bilateralism:

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