SASEC (South Asia Sub-regional Economic Cooperation) : Important Topics for UPSC Exams

SASEC (South Asia Sub-regional Economic Cooperation) : Important Topics for UPSC Exams

SASEC (South Asia Sub-regional Economic Cooperation)

• South Asia Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) is expanding towards the East with Myanmar formally becoming the 7th member of SASEC in 2017.
• Established in 2001, the SASEC program is a project-based partnership to promote regional prosperity by improving cross-borderconnectivity, boosting trade among member countries and strengthening regional economic cooperation.
• The Manila, Philippines-based Asian Development Bank (ADB) serves as the Secretariat for the SASEC member countries.
• The SASEC 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.
• Maldives and Sri Lanka joined SASEC in 2014, further expanding opportunities for enhancing economic linkages in the sub-region.
• The Asian Development Bank (ADB) has approved a total of nine projects costing $2.42 billion as part ofthe Operational Plan (OP) 2016-2025 of the South Asia Subregional Economic Cooperation (SASEC) program.

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