SASEC Current Affairs - 2019
Category Wise PDF Compilations available at This Link
India and six other South Asian countries of South Asia Subregional Economic Cooperation (SASEC) have pledged to improve intra-regional connectivity to boost trade and tourism.
Decision in this regard was taken at the Finance ministers of India, Bangladesh, Bhutan, Nepal, Sri Lanka, Maldives and Myanmar meeting held in New Delhi to reshape SASEC. They also came out with the SASEC Vision for 2025 and adopted operational plan 2016-25.
- SASEC Vision: It is a new strategic road map to guide the sub-region’s development through 2025.
- It reflects member nations’ commitment to tap into latent industrial demand and promote sub-regional industry-to-industry links
- Operational plan 2016-25: It defines the strategic objectives and operational priorities in transport, trade facilitation and energy as well as for the development of economic corridor.
- The members are eying for $70 billion incremental GDP and 20 million jobs by 2025 so that SASEC become better, stronger and faster to make South Asia one of the fastest growing sub-regions in the world.
- Other decisions taken in the meeting: Member countries sought to improve trade of oil and gas among themselves and also enhance road connectivity.
- They also looked to leverage natural resources-based industries, promote industry-to-industry links and bolster connectivity to boost trade and tourism
- They also sought to improve people-to-people contact by developing gateways and hubs to expand the sub-region’s trade and commerce to regional and global markets.
Myanmar became the 7th member of South Asia Sub-regional Economic Cooperation (SASEC) program of Asian Development Bank (ADB).
It was officially made member at the SASEC Finance Ministers’ meeting held in New Delhi and chaired by Union Finance Minister Arun Jaitley.
- Myanmar’s membership in SASEC will offer host of opportunities for realizing synergies from economic cooperation in the subregion.
- Road corridors in Myanmar can provide key gateway between South Asia and Southeast Asia, while its ports can provide alternate routes and gateways to the landlocked northeastern region of India.
- It has the potential to unleash significant economic potential and bring better livelihoods to millions in the region after developing multimodal connectivity between India’s northeastern region, Bangladesh, and Myanmar.
- Transport linkages between South and Southeast Asia will also become more attractive to businesses once ongoing and planned motor vehicle agreements are finalized and implemented.
Prior to becoming member, Myanmar was having observer status of SASEC since 2013. Since 2014, it was participating in annual SASEC Nodal Officials’ meetings as an observer. It was invited by the participating countries of SASEC countries to become a full member in 2015.
About South Asia Subregional Economic Cooperation (SASEC)
- SASEC program is a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries and strengthening regional economic cooperation.
- It was established in 2001 in response to the request of the four countries of South Asia – Bangladesh, Bhutan, India and Nepal – from ADB to assist in facilitating economic cooperation among them.
- ADB is the secretariat and lead financier of the SASEC program. So far, it has supported 46 projects worth $9.17 billion in transport, trade facilitation, energy and information and communications technology (ICT).
- Its seven members are Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal and Sri Lanka.