South Asia Subregional Economic Cooperation (SASEC)
| Section | Details |
|---|---|
| Introduction | – The South Asia Subregional Economic Cooperation (SASEC) program was established in 2001. – Facilitated by the Asian Development Bank (ADB), SASEC promotes regional prosperity by enhancing connectivity, boosting trade, and fostering economic cooperation among South Asian nations. |
| Objectives | – Enhance Connectivity: Develop infrastructure to facilitate seamless movement of goods and people. – Promote Trade Facilitation: Simplify and harmonize cross-border trade procedures to reduce time and costs. – Strengthen Energy Cooperation: Collaborate on sustainable energy projects to enhance energy security. – Develop Economic Corridors: Foster industrial growth and job creation through regional economic corridors. |
| Members (Dec 2024) | – Founding Members: Bangladesh, Bhutan, India, Nepal. – New Members: Maldives and Sri Lanka (joined May 2014), Myanmar (joined February 2017). |
| Reports/Indices | – SASEC Operational Plan 2016–2025: A strategic roadmap focusing on transport, trade facilitation, energy, and economic corridor development. Published: September 2016. – SASEC Operational Plan Update 2020: Updates on the prioritization of projects under the operational plan. Published: February 2020. – SASEC Vision: Powering Asia in the 21st Century: Outlines strategies for leveraging regional cooperation. Published: April 2017. – Evaluation of ADB Support for SASEC (2011–2022): Assessing performance and results of ADB’s support for SASEC projects. Ongoing as of November 2023. – SASEC Dhaka–Sylhet Corridor Road Investment Project Report: A detailed report on investment to enhance connectivity. Published: August 2021. |
| Instruments | – SASEC Operational Plan 2016–2025: Guides strategic direction for projects. – Memoranda of Understanding (MoUs): Formal agreements between member countries to facilitate cooperation on specific initiatives. – Technical Assistance Agreements: Provide capacity-building and technical support for project implementation. |
| Structure | – SASEC Nodal Officials: Senior officials from member states coordinate activities. – Working Groups: Specialized groups for transport, trade facilitation, energy, and economic corridor development. – Secretariat: The Asian Development Bank (ADB) serves as the secretariat, offering administrative and technical support. |
| Subsidiary Organs | – Trade Facilitation Working Group: Focuses on simplifying and harmonizing trade procedures. – Customs Subgroup: Works on customs modernization to ease trade. – Energy Working Group: Collaborates on sustainable energy projects. |
| Committees | – Transport Working Group: Plans and implements transport infrastructure projects. – Economic Corridor Development Working Group: Develops strategies for economic corridors to enhance industrial growth and regional competitiveness. |
| Initiatives | – SASEC Operational Plan 2016–2025: Strategic framework for project implementation across sectors. – SASEC Vision: Powering Asia in the 21st Century: Outlines strategies for leveraging strengths through regional cooperation. – SASEC Dhaka–Sylhet Corridor Road Investment Project: Enhances connectivity within the region through road infrastructure investment. – Capacity Building Programs: Provides training and workshops to enhance stakeholder capabilities. – Energy Cooperation Projects: Develops cross-border power transmission lines and promotes renewable energy. – Trade Facilitation Initiatives: Implements customs modernization and single-window systems. |
