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South Asia Sub-Regional Economic Cooperation
Myanmar has joined the South Asia Subregional Economic Cooperation (SASEC) programme, set up in 2001, as its seventh member. In 1996, Bangladesh, Bhutan, India, and Nepal, a subset of the South Asian Association for Regional Cooperation (SAARC), formed the South Asian Growth Quadrangle (SAGQ) aimed at boosting cooperation in environment, energy and power, trade and investment, transport, and tour
Myanmar has joined the South Asia Subregional Economic Cooperation (SASEC) programme, set up in 2001, as its seventh member. In 1996, Bangladesh, Bhutan, India, and Nepal, a subset of the South Asian Association for Regional Cooperation (SAARC), formed the South Asian Growth Quadrangle (SAGQ) aimed at boosting cooperation in environment, energy and power, trade and investment, transport, and tourism.
SAARC endorsed SAGQ in 1997. The initial four-member countries then requested ADB assistance to promote economic cooperation in the sub-region, leading to the creation of the SASEC Programme in 2001. Maldives and Sri Lanka were welcomed as new member countries in May 2014.
On Monday, Indian Finance Minister Arun Jaitley launched the SASEC Vision document, along with the Finance Ministers of Bhutan, Bangladesh, Myanmar, Maldives, Nepal and Sri Lanka.
The Vision Document spells initiatives for the economic growth of the sub-region. The Asian Development Bank (ADB) is supporting SASEC in this endeavor. SASEC countries have implemented 46 regional projects worth over $9 billion in energy, transport, trade facilitation, economic corridor development, and IT sectors.
The Manila -based ADB serves as the Secretariat for the SASEC member countries. South Asia is one of the least economically integrated regions in the world and has much to gain from regional transport networks and energy links. South Asia’s intraregional trade is considerably lower than in other regions. In 2010, trade between South Asian countries accounted for only 4.3% of the region's total trade.
The vision unveiled at the SASEC meeting in New Delhi is for SASEC to power Asia in the 21st Century, sustaining growth that synergises the sub-region’s natural resources, industry and infrastructure potentials through enhanced cooperation. This can possibly generate incremental $70 billion GDP and 20 million employment annually by 2025.
SASEC stands at the threshold of a demographic dividend that can be harnessed to create more employment opportunities, and enhance productivity. SASEC looks forward to strengthening this partnership, as well as improving our engagement with other regional programs such as BIMSTEC, ASEAN and SAARC.
SASEC road connectivity projects in Bangladesh, Bhutan, India, and Nepal are underway to help strengthen transborder trade; and industrial, social, and cultural exchange among them. Ongoing efforts to promote mutually beneficial exchanges of gas and petroleum among members are hoped to realise significant savings and help ensure energy security.
