SAARC (South Asian Association for Regional Cooperation) was established in 1985 and comprises 8 member states in South Asia. It aims to promote economic growth, social progress, cultural development and collective self-reliance among member states. The key principles are respect for sovereignty and non-interference in internal matters. SAARC focuses on cooperation in various areas including agriculture, trade, education and more. However, it has faced some failures due to factors such as India's attempts to dominate, bilateral disputes between members, lack of financial resources, and internal problems within members.