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Regional economic integration hinges on political will, business initiatives

Analysts say at BUSS dialogue

Star Business Report
Alack of political will and business initiatives are the main challenges facing the regional economic integration in South Asia despite having multi-billion dollar trade potential, analysts said at a dialogue yesterday.
"Elites are not interested in regional integration and a lack of effective initiatives from the private sector is the main obstacles to regional economic integration," said Selim Raihan, executive director of the South Asian Network on Economic Modeling.
He was addressing a session on "Potential and challenges of regional economic integration in South Asia in the new global context" of a regional dialogue.
The Bangladesh Institute of International and Strategic Studies (BUSS) and the Economic and Social Commission for Asia and the Pacific (UNESCAP) jointly organised the dialogue on "Regional cooperation for sustainable development in South Asia" at the auditorium of the BUSS in the city's Eskaton.
Intra-regional trade in South Asia remains one of the lowest in the world and accounts for about 5 percent of the region's total trade, compared to 50 percent in the East
Asia and the Pacific.
Intra-South Asian trade can grow three times from $23 billion now to $67 billion by reducing man-made barriers, according to a World Bank report released in October last year.
Regional connectivity and under development special economic zones will bring opportunity for Bangladesh in regional economic integration, said Raihan, who teaches economics at the University of Dhaka.
Higher aspiration among the political leaders, connectivity and people-to-people contact can play an important role for economic cooperation among the South Asian nations, said Sabyasachi Saha, associate professor at the Research and Information System for Developing Countries, India.
However, he said, countries' emphasis on ensuring win-win situation sometimes brings zero outcome
"So, governments should play a leading role to enhance regional economic cooperation."
The non-tariff and para-tariff in cross-border trade create obstacle in bilateral trade and economic cooperation among the South Asian nations, said Chanchai Sarkar, director at the Saarc secretariat.
"Trade will double immediately if
these barriers are removed," he said.
The South Asian nations utilise only 3 percent of the total trade potential, said Posh Raj Pandey, chairman of the South Asia Watch on Trade Economics and Environment, Nepal.
So, it is very important to increase trade in the region, he said.
Shiladitya Chatterjee, adviser of the Sustainable Development Goals Centre in Assam, emphasised the role of the media to create awareness among the politicians, business community and bureaucrats on the importance of regional economic cooperation.
While moderating the session, Fahmida Khatun, executive director of the Centre for Policy Dialogue, said low productivity, lack of skilled human resources, and climate change adaptation will be the common issues for regional cooperation among the South Asian nations.
She said all decisions and initiatives will be executed through political willingness.
Mahfuz Kabir, research director at the BUSS, Athula Senaratne, research fellow of the Institute of Policy Studies, Sri Lanka; and Shafquat Haider, chairman of the council for communication and FT at the Saarc Chamber of Commerce and Industry, also spoke.