The 15th South Asia Economic Summit (SAES XV) kicked off in Kathmandu on 11 December, bringing together over a hundred eminent economists, policymakers and civil society leaders from the region and beyond. Under the theme “Unleashing an Equitable Green Transformation in South Asia,” the summit serves as a platform for dialogue and collaboration on advancing sustainable and inclusive development in the region.

Inaugurating the summit, Hon’ble Mr. Damodar Bhandari, Minister, Ministry of Industry, Commerce and Supplies, Government of Nepal stated the summit reaffirms our collective commitment to addressing the pressing challenges of our region through dialogue, collaboration and actionable solutions.

Ms. Syeda Rizwana Hasan, Adviser, Ministry of Environment, Forest and Climate Change, Interim Government, People’s Republic of Bangladesh, emphasized the role of regional cooperation in solving transboundary issues and stressed that establishing a regional power grid that facilitates cross-border flow of hydro-electricity can expedite the green transformation in the region.

In his keynote address, Dr. Rehman Sobhan, Chairman of the Centre for Policy Dialogue, Bangladesh, stated that one of the key failures of South Asian integration has been its inability to develop value chains, which are integral to the process of economic integration.

Given that green value chains can only be built on already existing value chains, he added, it is difficult to envision developing green value chains in South Asia without an institution that steers the process. He argued that unless we can revive SAARC, developing green value chains is only going to be an academic exercise.

Dr. Ratnakar Adhikari, Chairman, South Asia Watch on Trade, Economics & Environment (SAWTEE), Nepal stressed that fostering regional cooperation and collaboration could have a multiplier effect on green transformation.

Similarly, Dr. Posh Raj Pandey, Chair Emeritus, SAWTEE, said unlocking South Asia's potential in the global value chain requires a multi-pronged approach: supportive policies, incentives, partnerships, R&D, education, and regional collaboration.

Following the inaugural, the first plenary session titled "Developing Green Value Chains in South Asia: An agenda for cooperation hilighted to advance regional green agenda.

Speaking in the session, Dr. Rupa Chanda Director of Trade, Investment and Innovation, UN ESCAP, said that developing green value chains in South Asia requires getting the fundamentals right, the crucial elements of which are enhancing capacity of investment institutions to ensure investments are forthcoming, getting the trade policy right and ensuring private sectors play an important role in the process. Finally, learning from good practices such as the Framework for Circular Economy for the ASEAN Economic Community can be instrumental.

Dr. Abid Qaiyum Suleri, Executive Director at Sustainable Development Policy Institute (SDPI), Pakistan, said regional standardization and certifications are crucial to forming green value chains and successfully exporting in the changing global trade landscape.

Similarly, Dr. Pritam Banerjee, Head and Professor of the Centre for WTO Studies, India, said most of the green technologies have a high level of embedded intellectual property rights. Hence, technology transfer is an essential element that could help developing countries make a foray into green goods production. To ensure that technology transfer is achieved and to ensure that new challenges produced by the changing global political and trade landscape are tackled, a unified South Asia is a must.

Ms. Veronique Lorenzo, Ambassador of the European Union Delegation to Nepal shared the European Union's experience in green transformation and mentioned that it is not only a moral imperative that South Asia works together to achieve a greening of its economy but it also makes business sense to make the green transition.

Also speaking on the session, Ms. Hanaa Singer-Hamdy, United Nations Resident Coordinator, Nepal, said fostering regional cooperation to promote circular economy, advance energy transitions and unlock human potential can make South Asia a model for low-carbon economic transition.

The South Asia Economic Summit was launched in 2008 as a platform to discuss and analyze development challenges facing South Asia. The annual event brings together regional experts from various fields from across the South Asian region. South Asia Watch on

Trade, Economics and Environment, Nepal; Centre for Policy Dialogue, Bangladesh; Research and Information System for Developing Countries, India; Sustainable Development Policy Institute, Pakistan; and Institute of Policy Studies of Sri Lanka, Sri Lanka take turns to organize the event.