Kathmandu, Sept. 26
Experts have suggested that improved connectivity
and cooperation through renewed political commitment to regional and
sub-regional initiatives could benefit South Asia and enhance the much needed
reforms in multilateralism and globalisation.
While the COVID-19 pandemic has exacerbated powerful
trends towards de-globalisation, looking inwards by abandoning regional
cooperation is not a solution for the South Asian countries, they said while
speaking at a virtual regional meeting on “Future of Globalization:
Outlook for South Asian countries” organised
by South Asia Watch on Trade, Economics and Environment (SAWTEE) the other day.
In his keynote speech, Dr. Baikuntha Aryal,
Secretary (Commerce) at the Ministry of Industry, Commerce and Supplies, Nepal,
asserted that enhancing mutual trust is the fundamental factor needed to deepen
regional integration in South Asia in a way that produces tangible outcomes.
Dr. Aryal offered the way forward for deepening
regional integration in South Asia, which includes, “establishing strong supply
chains, improving trade infrastructure and connectivity, following the regional
growth patterns carefully, embracing the use of digital technologies, improving
the business environment, and improving mutual cooperation”.
Prof. Sachin Chaturvedi, Director General at
Research and Information System for Developing Countries (RIS), New Delhi,
emphasized that the current regional integration approach in South Asia has been
a hostage to an obsession of economists with trade integration at the expense of
other valuable linkages.
Dr. Fahmida Khatun, Executive Director at the Centre
for Policy Dialogue (CPD), Dhaka, stressed that while the nature of
globalization may change, a complete reversal is not possible.
She further highlighted that a number of trans-boundary
issues will be important for regional cooperation—primarily, reduction of
poverty, dealing with climate change issues, dealing with increased use of
technology brought by the impending 4th Industrial Revolution, among
others.
Subhashini Abeysinghe, Research Director at Verite
Research, Colombo, mentioned that even with the ongoing US-China trade war, it
is not going to be easy to unplug the supply chains that have been built for
decades, hence globalization might undergo some changes but will remain an
important force.
Published in The Rising Nepal daily on 27 September 2020.
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