The South Asian Economic Summit concludes with call for regional policy integration

The Fourteenth South Asian Economic Summit (SAES XIV) concluded underscoring the significance of regional integration to foster the development of bilateral trade and tap into an extensive market potential. The discussions of the conference revolved around advancing South Asian Regional Partnership and Cooperation amidst the evolving dynamics and challenges in both national and international spheres. The closing session was held on 5 November, 2023.

During the concluding session of the two-day summit, speakers reiterated the importance of integrating socio-economic advancements, tax and customs policies, cultural exchanges, and fostering trade opportunities through cooperation rather than competition in cross-border trade for the progress of South Asian nations.

‘The central problem is that our focus remains primarily on the future, while what we truly need to comprehend is why progress in the realm of South Asian cooperation remains limited’ remarked Professor Rehman Sobhan, Founding Chairman, Centre for Policy Dialogue (CPD).

Dr Fahmida Khatun, Executive Director, CPD, moderated the session and thanked the co-organisers and the speakers at the conference.

‘It is important to revisit and assess the Group of Eminent Persons’ (GEP) report in view of the changed global context’ recommended Dr Paras Kharel, Executive Director, South Asia Watch on Trade, Economics, and Environment (SAWTEE), Nepal.

Mr Florian Höllen, Head of Cooperation, Embassy of the Federal Republic of Germany, opined ‘One essential step to ensure the functionality of regional institutions is to establish a shared understanding of roles and responsibilities, clarifying who is responsible for what’.

‘One of the priority areas in which SAARC has not yet ventured, but has the potential for collaborative efforts, is the banking sector across these member countries’ highlighted Professor Sachin Chaturvedi, Director General, Research and Information System for Developing Countries (RIS), India.

‘The fact that 40 per cent of the population, especially women and those in rural areas, are digitally excluded presents a significant opportunity for a technological revolution that could be ignited through regional or cross-border collaboration’ proposed Mr Stefan Liller, Resident Representative, United Nations Development Programme (UNDP), Bangladesh.

Ms Irosha Cooray, Director, Education Security & Culture South Asian Association for Regional Cooperation (SAARC) remarked ‘Establishment of SAARC signifies the clear vision and wisdom of leaders of South Asia region even decades back’.

Dr Khondaker Golam Moazzem, Research Director, presented a summary of the conference and said, ‘The countries in the South Asian Region need to move forward with Regional Partnership and Cooperation despite having challenges in the national and international arena’.

The conference was attended by high level policymakers, academics, experts, business leaders, development practitioners, development partners and media personalities of SAARC countries and beyond. SAES XIV saw an overwhelming number of attendees, with approximately 600  participants from both Bangladesh and countries across the South Asian region.