Myanmar becomes seventh member of South Asia Subregional Economic Cooperation

Apr 3, 2017 15:16 IST

South Asia Subregional Economic CooperationMyanmar on 31 March 2017 became the seventh member of the South Asia Subregional Economic Cooperation (SASEC) Program.

Myanmar’s association with the SASEC open up new markets and supply chain links for trade and business between South Asia and Southeast Asia.

The SASEC countries coordinate the planning of projects and activities to increase economic growth by building transport connectivity, facilitating faster and more efficient trade, and promoting cross-border power trade.

Up till now, SASEC members have invested more than USD 9 billion in development projects, which have connected markets and businesses over the last 15 years in the subregion.

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Significance of Myanmar joining SASEC

Myanmar’s membership in SASEC can offer a host of opportunities for realizing synergies from economic cooperation in the subregion.

Road corridors in the country provide the key links between South Asia and Southeast Asia, while its ports can provide alternate routes and gateways to India’s northeastern region.

Myanmar has the potential to unleash significant economic potential and bring better livelihoods to millions of people residing in India’s northeastern region and Bangladesh.

With the association of Maynmar, transport linkages between South and Southeast Asia will become more attractive to businesses once ongoing and planned motor vehicle agreements are finalized.

About South Asia Subregional Economic Cooperation

The SASEC brings together seven countries in a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation.

The SASEC countries are Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal and Sri Lanka.

The Program was set up in 2001.

The Asian Development Bank (ADB) serves as the Secretariat for the SASEC member countries.

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Read more Current Affairs on: South Asia Subregional Economic Cooperation , SASEC , Myanmar

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