Bangladesh Bank’s former governor Atiur Rahman has emphasised on further trade cooperation among South Asian countries to withstand current economic challenges.
“The further economic integration in South Asia can safeguard the people of lower incomes in these countries that are struggling hard to recover from global economic slowdown,” Dr Atiur told an international seminar at Heritage College in Kolkata recently.
“… the world will not gain much in going for fragmenting or restricting international trade. Instead, it will be wiser for all countries to defuse the geopolitical tensions and strengthen global value chains against future risks of severe trade disruptions.”
Heritage College in Kolkata, and Goenka College of Commerce and Business Administration jointly organised the two-day seminar on ‘contemporary issues in international trade: challenges and opportunities’.
Dr Atiur pointed out that South Asia remains one of the least economically integrated regions of the world the intra-regional trade accounts for only 5 percent of total trade of these countries.
He further pointed out that the outcomes from the enthusiasm for increased trade collaboration shown by the political leadership of both India and Bangladesh are already becoming visible.
“India has become the largest export destination within Asia for Bangladesh, and Bangladesh’s export to India has reached almost 2 billion US dollars per year. And the realization of multiple mega connectivity projects, such as the bridges over Padma and Kalna rivers can further expedite trade facilitation between the two countries,” Dr Rahman added.
