South Asian countries must increase cooperation between themselves to address inflation triggered by the Russia-Ukraine war and rising dollar prices, experts said at a conference on Saturday.
Delegates from South Asian countries participated in the South Asian Federation of Accountants (Safa) conference organized by the Institute of Chartered Accountants of Bangladesh (ICAB).
While speaking at the program, Atiur Rahman, former governor of the Bangladesh Bank, said that only 5% of the total transactions of South Asian countries are between themselves, while the rate is 67% in the European Union and 26% in Asean blocs.
Increasing trade among the neighbouring countries makes it easier to solve global problems, he observed, adding South Asian countries need to invest more in regional connectivity to tap the potential.
Addressing the event as chief guest, Commerce Minister Tipu Munshi said: "We may have challenges in sustaining the growth of development, but if we work together regionally, we can move forward."
Prime Minister's Private Industry and Investment Adviser Salman F Rahman, who attended the conference as a special guest, said if political boundaries are removed, South Asia will be seen as a prosperous region.
State Minister for Planning Dr Shamsul Alam said: "We need to increase free trade agreements to increase trade cooperation."
ICAB president Md Shahadat Hossain stressed focusing on sustainability reporting and green finance to ensure a sustainable growth.