South Asia Subregional Economic Cooperation (SASEC)

Fact for prelims

South Asia Subregional Economic Cooperation (SASEC)

News: Volume of trade from three Border Crossing Points (BCPs) – Akhaura, Sonamasjid and Tamabil – between Bangladesh-India will rise by 50% by 2027, after the implementation of the trade facilitation loan of 143 million US dollars provided by the Asian Development Bank (ADB).

About:
• The South Asia Sub-Regional Economic Cooperation Integrated Trade Facilitation (SASEC) Sector Development Program (SDP) will reform trade policies and improve the cross-border trade facilities at Akhaura, Sonamasjid and Tamabil BCPs.
• It will also increase connectivity among SASEC countries by facilitating trade among the SASEC countries through Bangladesh as a sub-regional hub.
• ADB believes in advancing regionalism and hence has launched the Greater Mekong Subregion (GMS) Program, the Central Asia Regional Economic Cooperation (CAREC) Program, and the SASEC Program.
• The SASEC program brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership that aims to promote regional prosperity and improve economic opportunities.