14th South Asia Economic Summit opens with call for Economic integration

14th South Asian Economic Summit began in Dhaka on Saturday.

Dhaka, Nov 04 - A two-day 14th South Asia Economic Summit organised by the Centre for Policy Dialogue marking its 30th anniversary began in Dhaka with a call for regional economic integration.

TInstitute of Policy Studies of Sri Lanka; South Asia Watch on Trade, Economics and Environment Nepal, Sustainable Development Policy Institute, Pakistan; and Research and Information System for Developing Countries, India; are co-organisers of the event that brought economists and researchers together to deliberate on the subject.

In her address of welcome Dr. Fahmida Khatun, Executive Director, CPD noted the prospects and constraints of economic integration of South Asia and hoped two days of deliberations would help chart the path towards the goal.

Dr. Dushjni Weerakoon, ED Institute of Policy Studies of Sri Lanka noted the change of economic policies internationally due to global developments and underscored the need for collaboration in the region.

Dr. Paras Kharel, ED, South Asia Watch on Trade, Economics and Environment, Nepal asked for regional economic cooperation in the context of the geopolotical developments in the globe and the region.

Dr. Abid Qaiyum Suleri, ED, Sustainable Development Policy Institute, Pakistan, said after the Covid pandamic, geopolitical, geoeconomic and geophysical developments, conflicts and climate change pose new challenges to regional integration.

Prof. Sachin Chaturvedi, DG, Research and Information System for Developing Countries, India noted the growth of the initiative for regional economic integration. Economic performance of South Asia in the last two decades gives a boost to the idea. Per capita income rose five times during the period. South Asia should simulate example of the Asean to forge ahead, he said.

Ambassador Durga Bhattarai, ex-Foreign Secretary, Nepal noted the diversities of the countries of the region despite the so many things said on potentials. The 19th SAARC summit in time. We cannot disregard our geography. Economic union in the region long way to go. Common currency not feasible now, may be in the long term. Banglades, Nepal and Bhutan graduating we should support and cooperate. How we are to collaborate in harnessing water.resources. we should narrow down differences and take collective initiatives, he said.

Dr. Ishrat Hussain, former governor, State Bank of Pakistan, said democracy, politocal stability are the bases for sustained development of countries of the region. India, Pakistan and Bangladesh still remains stuck in the civil service mindset which should be overcome to accelerate economic development. 

Dr. P. Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka dwelt at lenght on regional trade and economic cooperation and underscored the need for removal of tariff and paratariff barriers and enhancement of regional connectivity and synargies. 

Planning Minister MA Mannan who was the special guest at the inaugural function said only 8 percent of trade of the South Asian Countries is taking place within the region. Mistrusts, suspecion and barriers must go. PM Sheikh Hasina opening up historic land and  and water routes, he said. 

Shirin Sharmin Chowdhury, speaker, Bangladesh Parliament was the chief guest and hoped the economists will help show the way to regional integration.  

Prof Rehman Sobhan founder of CPD said problems of society should be solved not through confrontation but through civilised process of discussion and talks between the state, the civil society and citizens. 

GDP growth, poverty reduction, made South Asia lead the way in the globe. Bilaterally Bangladesh and India progressed in connectivity. Bangladesh should renegotiate its relations with our big neighbor to while seeking trade benefits from EU. There is a South Asian community and our future lies in united strides towards progress, he added.