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Regional Economic Cooperation And Connectivity In South And South-West Asia: Potential And Challenges
(2013-10-01) Kelegama, Saman; Abayasekara, Ashani
Although South and South-West Asian countries helped drive global economic recovery in 2010,this study suggests that economic integration and cooperation in the sub-region is low and below potential, especially compared to East Asia. Not only do additional possibilities exist for mutually beneficial cooperation, but regional economic integration and cooperation is also essential if the sub-region is to sustain its growth momentum, and address its key development challenges in future. This process involves enhancing intra-regional trade; removing obstacles to inter-regional trade in services; allowing a freer movement of labor; developing deeper and more crisis-resilient financial markets; and coordinating appropriate monetary and fiscal policies. Enhancing regional connectivity is a multifaceted task that requires the implementation of bold policy initiatives at the national and regional levels, and in many different areas. Such a task could sustain the sub-region's dynamism in decades to come andreduce the wide disparities in economic opportunities within and across South and South-West Asian countries.