Speakers at the inaugural ceremony of a regional think-tank summit on Saturday stressed the need for utilising untapped trade potentials in South Asia for the sake of the region's common growth and prosperity.
They said mistrust, fear and domination needed to be shaken off in the interest of greater cooperation in the region.
Citing the non-functioning of SAARC, the speakers emphasised better cooperation among civil society organisations and citizens to persuade the government to reap the fruits of regional cooperation.
The Centre for Policy Dialogue (CPD), in collaboration with other South Asian think-tanks, organised the two-day summit in the capital.
Jatiya Sangsad Speaker Dr Shirin Sharmin Chaudhury addressed the event as the chief guest.
She urged the private sector and corporations to increase investment to help achieve Sustainable Development Goals (SDGs).
She emphasised the need to bridge the $4 trillion investment gap to fulfill the global commitment to implementation of SDGs by 2030.
Planning Minister MA Mannan said South Asian countries accounted for only 8 per cent of global trade among member countries which he termed as 'miserable'.
He said things needed to be changed to increase regional trade.
The minister said fear, mistrust and barriers needed to be removed for more trade in the region.
MA Mannan pointed out the rapid growth of Bangladesh's exports to India and the untapped potential for regional trade in South Asia.
He also highlighted the significant labour migration among South Asian countries and stressed the importance of reducing trade and non-trade barriers, such as visa requirements and countervailing duties.
Professor Rehman Sobhan, chairman of the CPD, said SAARC was languishing, though it had immense potentials.
Sobhan noted that most trade in South Asia was bilateral, and the summit was aimed at exploring ways of closer regional interaction at a time when South Asia as a whole had been relatively inactive.
Rehman Sobhan highlighted the significant changes in South Asia over the past 30 years, including transformation in GDP growth, macroeconomic management, poverty reduction, and human development.
He also noted the transformative changes in infrastructure and logistics between India and Bangladesh and the full benefits of the changes might be reaped in the coming years.
Former Governor, State Bank of Pakistan, and Former Advisor to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Husain viewed democracy as the only way for sustained economic growth.
He said India, Pakistan and Bangladesh had stable economic policies and development was making headway whatever forms of government were there.
P Nandalal Weerasinghe, the governor of the Central Bank of Sri Lanka, noted the immense benefits that his country got from SAARC countries, particularly Bangladesh and India, from the macroeconomic perspective, particularly during a time when Sri Lanka faced significant socioeconomic challenges.
Bangladesh extended a $200 million loan through a currency swap agreement two years ago, with Sri Lanka completing the repayment in September last.
Weerasinghe also mentioned the existence of commendable initiatives within the SAARC framework, such as the SAARC Finance and SAARC Public Debt Managers' Forum, which provide platforms for discussions on financial flows and policy coordination.
Former Governor of Nepal Rastra Bank Yuba Raj Khatiwada said the region was not homogenous and development courses were different as well.
He said despite differences the region should not lose way and work for common prosperity.
Dr. Fahmida Khatun, executive director of the CPD, provided an overview of the event, which was aimed at engaging a wide range of stakeholders, including representatives from the public and private sectors, NGOs, civil society organisations, think-tanks, academia, media, and development partners from South Asia and beyond.
Director General, Research and Information System for Developing Countries, India, Sachin Chaturvedi, said robust growth in the region should entail greater cooperation.
Executive director of Sustainable Development Policy Institute (SDPI), Pakistan, Abid Qaiyum Suleri, said if common prosperity was not discussed for the region, it would lead to an existential crisis for the region.
Executive Director of the Institute of Policy Studies (IPS) of Sri Lanka Dushni Weerakoon said SA countries needed to come together and collectively face the global challenges.
Executive Director, SAWTEE, Nepal, Dr Paras Kharel, said cooperation among South Asian countries needed renewed understanding
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