Economic integration among South
Asian nations offers a huge potential for sustainable development in the
region, according to a report of the UN Economic and Social Commission for Asia
and the Pacific (ESCAP).
But experts opined that political
will is pivotal in making economic integration successful, as lack of trust and
confidence among the South Asian Association for Regional Cooperation (SAARC)
nations still holds the region back from reaping its full potential.
"There is a need to reduce
the trust deficit and build confidence to harness the economic potential of the
region," said chairman of Institute for Policy Research and Development
Dilliraj Khanal, during the launch of the UN ESCAP report ‘South and South West
Asia Development Report 2012-13,’ in Dhaka today.
The Centre for Policy Dialogue,
in association with various regional and international organisations, arranged
a policy dialogue on ‘Value chains for inclusive development: Lessons and
policies for South Asia’ during the report launching ceremony. "For far too
long, politics has held back the progress in the sub-region," according to
the report that called that the time has come to allow economics to play a
greater role and for regional cooperation to finally take centre stage in the
South and South West Asia.
The sub-region, which includes
Iran, Turkey and eight SAARC nations, can become a $30-trillion market for the
middle class by 2040-2050, according to the report that revealed that some 57
per cent of intra-regional trade potential remains unexploited in SAARC.
The report noted that countries
in the sub-region can benefit from cooperation by facilitating regional
investments and cross-border banking and raising capital. They will also
benefit from cooperation in transport connectivity, food and energy security,
agriculture and natural disasters, the UN ESCAP report said, arguing that
sub-regional economic cooperation can become a shield for countries to
withstand the global economic turmoil and slowdown.
"The report presents a
very strong case, if the region wants to re-emerge as a hub," said
executive director of Institute of Policy Studies, Sri Lanka Saman Kelegama.
"The region shows enormous potential to take off," he said, "But
what is needed is implementation. In this area, SAARC has been lagging behind."
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