SYLLABUS SECTION: GS II (INTERNATIONAL RELATION)
WHY IN THE NEWS?
The South Asia Subregional Economic Cooperation Integrated Trade Facilitation (SASEC) Sector Development Program (SDP),
They will reform trade policies and improve the cross-border trade facilities at Akhaura, Sonamasjid, and Tamabil BCPs.
The volume of the trade from three Border Crossing Points (BCPs)
– Akhaura, Sonamasjid, and Tamabil – between Bangladesh-India will rise by 50% by 2027,
After the implementation of the trade facilitation loan of 143 million US dollars provided by the Asian Development Bank (ADB).
SECTOR DEVELOPMENT PROGRAM (SDP)
- It will also increase connectivity among SASEC countries by facilitating trade among the SASEC countries through Bangladesh as a sub-regional hub.
SOUTH ASIA SUB-REGIONAL ECONOMIC COOPERATION (SASEC)
- The South Asia Subregional Economic Cooperation program was formed 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.
- These four countries comprise the South Asia Growth Quadrangle (SAGQ), formed in 1996, as a vehicle for accelerating sustainable economic development through regional cooperation.
- Aim: As a project-based partnership, the SASEC program has been helping realize regional prosperity by enhancing cross-border connectivity, facilitating faster and more efficient trade, and promoting cross-border power trade.
- The Maldives and Sri Lanka joined SASEC in 2014, further expanding opportunities for enhancing economic linkages in the sub-region.
- Priority sectors:
SASEC countries agreed on priority sectors for investment and coordinated action
- Trade Facilitation
- Economic Corridor Development
- ADB serves as the SASEC Secretariat, working with member governments to help implement SASEC projects and initiatives and to provide technical support.
- The SASEC Secretariat also coordinates capacity-building activities and works to identify necessary technical organizations and development partners to strengthen training and knowledge-building programs for member countries.
- It provides overall coordination and administrative and logistical assistance to the member countries.
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