By Keerthana Chavaly
The 10th edition of South Asian Economic Summit (SAES X) was held recently in Kathmandu, Nepal from 14th to 16th November 2017. The summit, whose theme this year was ‘Deepening Economic Integration for Inclusive and Sustainable Development in South Asia’, saw over 200 attendants and participants. SAES is dedicated to addressing regional and international issues, particularly obstacles to international growth and development, as well as cooperation. It echoes the ideals of SAARC, which stands for the South Asian Association for Regional Corporation. SAES is always held in one of the SAARC member countries, that are India, Afghanistan, Nepal, Bhutan, Sri Lanka, Maldives, Bangladesh and Pakistan.
The structure
SEAS has five organisers who are all illustrious think-tanks: South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal; Centre for Policy Dialogue (CPD), Bangladesh; Research and Information System for Developing Countries (RIS), India; Sustainable Development Policy Institute (SDPI), Pakistan; and Institute of Policy Studies of Sri Lanka (IPS), Sri Lanka. This year, the summit was organised by SAWTEE in addition to the National Planning Commission (NPC) and Ministry of Commerce of Nepal.
Over a span of three days the summit attempted to grapple with problems that hinder economic growth and development and come up with solutions to address these problems. The summit recognised that regional integration and growth certainly have not sky-rocketed. They have, however, increased slightly – intra-regional trade has increased from 5.6 percent in 2006 to 6.9 percent in South Asia at present. According to Swarnim Wagle, the Vice Chairman of NPC, “Clearly, we haven’t been able to match lofty aspiration of regional integration with concrete measures.” He continued, “Hence, it is essential to build credible building blocks”.
Wagle was just one of numerous attendants who offered insights during the course of the summit–reportedly everyone from former and current members of parliament and ambassadors to officials working in the social sector and members of think-tanks was present. At the inaugural session, the Minister for Economic Affairs of Bhutan, Lyonpo Lekey Dorji, said, “We can achieve a lot in the coming days if we do two basic things,” he continued, “First is cooperation in energy sharing in the region. Second is cooperation in the movement of goods and services.”
Positive trend growth
There is a lot of optimism regarding successful implementation of cooperative policies that will result in growth. This hope stems from the fact that South Asian countries have been displaying levels of high growth, India being one of these nations. In fact, since 2004, South Asia is one of the fastest growing regions in the world owing mainly to the pro-growth policies implemented by governments of these nations and the creation of regional blocs like ASEAN (Association of Southeast Asian Nations) and SAARC.
One association that has greatly contributed to improving conditions and relationships between South Asian countries by helping improve communications and transport is the South Asia Subregional Economic Cooperation (SASEC). According to the organisation, it “brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership that aims to promote regional prosperity, improve economic opportunities, and build a better quality of life for the people of the subregion.” Members of the SASEC “share a common vision of boosting intraregional trade and cooperation in South Asia, while also developing connectivity and trade with Southeast Asia through Myanmar, to the People’s Republic of China, and the global market.” This program, with the support of Asian Development Bank, is setting up projects worth $121.5 billion in South Asia.
A long way to go
The Minister of State for Economic Development of Maldives, Abdul Latheef Mohamed said in a statement to the summit, “Effective implementation of SASEC will go a long way in liberalising the South Asian market.” The South Asian Economic Summit was originally organised in 2008 to address various developmental issues facing the region of South Asia. Since then it has come a long way, over the course of ten summits, in finding solutions and promoting cooperation and development.
Featured Image Source: Wikimedia Commons
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