India is backing the revival of a new regional economic bloc, excluding Pakistan, as New Delhi presses ahead to deepen ties and push regional integration under the South Asia sub-regional Economic Cooperation.
Given the hostilities between the two nuclear-armed neighbours and the frustration with the slow progress over the South Asian Association for Regional Cooperation, policymakers have decided to forge ahead with the new bloc of fast-growing south Asian countries such as Bangladesh and Myanmar.
“India is also keen about SASEC including Myanmar, Bangladesh, Nepal, Bhutan, Sri Lanka, Maldives and India. There will be a finance minister’s meeting for the first time next spring in New Delhi. Regional integration and cooperation is very important. Bangladesh is doing very well,” Takehiko Nakao, president of Asian Development Bank said3.
Nakao said finance ministers from the new sub regional economic block will meet in New Delhi next spring to thrash out the strategy for the way ahead. The foundation of Sasec was laid way back in 2001 when Bangladesh, Bhutan, India and Nepal agreed for deeper cooperation to accelerate economic growth in the sub region.