Relevance : GS Paper II
South Asia is a region of significant importance for international development.
The South Asia challenge
- This is one of the world’s least integrated regions.
- Intra-regional trade is a meagre 5% of the total trade.
- Average GDP per capita is only about 9.64% of the global average.
- The region faces myriad economic and environmental challenges.
- Economic cooperation remains less than adequate.
- SAARC has become unsuccessful in promoting regional economic cooperation.
Opportunities for South Asia
- Regional initiatives such as BIMSTEC and BBIN can bring the countries closer.
- Attaining the 2030 Agenda for SDGs provides enormous opportunities for cooperation.
Way forward
- A regional strategic approach to tackle common development challenges.
- Policy harmonisation can play a pivotal role in increasing efficiency to achieve SDGs.
- To address institutional and infrastructural deficits, South Asian countries need deeper regional cooperation.
- Countries can work towards increasing the flow of intra-regional FDI.
- The private sector too can play a vital role in resource mobilisation.
Conclusion
If South Asia can come to a common understanding, it can unleash a powerful synergistic force.