TNPSC Current Affairs April 2017
Myanmar becomes SASEC's 7th member.
Myanmar has formally become the 7th member of South Asia Sub-regional Economic Cooperation (SASEC) programme of Asian Development Bank (ADB).
In 2013 Myanmar was granted the observer status of SASEC and since 2014 Myanmar was participating in annual SASEC Nodal Officials meetings as an observer.
Shaktikanta Das ,Economic affairs secretary said that Myanmar is the key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia and that Myanmar's membership in SASEC can offer a host of opportunities for realizing synergies from economic cooperation in the sub-region
Myanmar’s inclusion is expected to promote and accelerate inter-subregional cooperation between South Asia and Southeast Asia and will contribute the future development goals of the regions.
The port of Myanmar will provide alternate route to India's landlocked north-eastern region of India.
Indian Ministry said, Development of multi-modal connectivity between North Eastern region of India, Bangladesh and Myanmar has the potential of unleashing tremendous economic energy and better livelihood in the region
South Asia Sub-regional Economic Cooperation was established in 2001 for assist in facilitating economic cooperation between Bangladesh, Bhutan, India and Nepal headquarters is in Manila, Philippines. In 2014 Sri Lanka and Maldives has joined. Currently it has 7 members which includes Myanmar in 2017.
The motto of SASEC is to improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. Asian Development Bank act as the secretariat for SASEC member countries.