Question

what is the significance of SAARC??

Answer 1

This is an organization of South Asia,whose full form is South Asian Association for Regional Cooperation.
hope it helps

Answer 2

SAARC stands for South Asian Association For Regional Cooperation

As, the full form suggests, the eight countries that is India, Nepal,Bhutan,Sri Lanka, Pakistan, Bangladesh, Afghanistan and Maldvies

The summit is held only when 5 members are present.

The SAARC was formed as an agreement between eight countries to provide economic and other type of cooperation among the members.This can lead to development of nations.It is something like regional cooperation.