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DTSTART;TZID=Asia/Kathmandu:20221121T150000
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SUMMARY:Post COVID-19 Regional Economic Integration in South Asia
DESCRIPTION:Watch it on the NIICE Nepal YouTube channel\nEvent Report\nProfessor Amita Batra, a distinguished economist and chairperson of the Centre for South Asian Studies at the University of New Delhi, recently addressed the topic of post-COVID-19 regional economic integration in South Asia as part of the NIICE Economic Lecture series. With expertise in international trade, finance, and regional economic integration, Prof. Batra highlighted the historical challenges faced by South Asia, renowned as the least integrated region globally, with intra-regional trade stagnating at 5-6%. The urgency of addressing this issue was underscored, especially in the wake of recent global events such as the pandemic and the Ukraine crisis.\nThe pandemic, characterised as a globally unprecedented event, not only revealed the vulnerabilities of nations but also emphasised the critical need for regional cooperation. While global collaboration was necessary for areas like vaccine production, the speaker noted the rise of trade barriers during the pandemic and the World Trade Organisation's challenges in addressing these issues, citing the violation of WTO rules by the United States in imposing tariffs on Chinese imports.\nAdding complexity to the global economic landscape, the Ukraine crisis disrupted value chains and trade routes and created shortages in essential commodities, contributing to inflationary pressures worldwide. Against this backdrop, the speaker advocated a shift from multilateral forums to regional trade agreements, aligning with the prevailing trend in global trade. Despite geopolitical tensions, a pragmatic approach was encouraged for South Asian countries to overcome obstacles to regional integration.\nPractical solutions were proposed, including trade facilitation initiatives such as revamping border procedures, adopting electronic data interchange, and modernising transport standards. Emphasising the importance of physical and people-to-people connectivity, the speaker highlighted the potential benefits of intellectual collaboration among economists and experts in the region, suggesting the establishment of an "ideas lab" for brainstorming and implementing practical solutions.\nThe significance of building economic resilience through regional supply chains, particularly in sectors where the region holds a comparative advantage, such as textiles and clothing, was underscored. Tourism, with its cultural and geographical richness, was identified as another sector ripe for collaboration. In conclusion, the speaker urged South Asian nations to focus on actionable initiatives, surmount geopolitical obstacles, and collaborate for economic resilience and integration. The need for a paradigm shift from acknowledging challenges to implementing practical solutions was emphasised, encouraging the region to learn from the lessons of the pandemic and actively shape its economic future in the post-pandemic era.\nPrepared by Puloma Pal, NIICE intern.\n
URL:https://niice.org.np/events/post-covid-19-regional-economic-integration-in-south-asia
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