Yunus urges revival of SAARC for regional economic cooperation

Muhammad Yunus, head of Bangladesh’s interim government, urged the revival of the South Asian Association for Regional Cooperation (SAARC) on Tuesday to enhance economic cooperation in the region.

Yunus made these remarks during a meeting with Pakistan’s high commissioner, Syed Ahmed Maroof, who stressed the importance of reinvigorating trade, economic ties, and people-to-people contacts between Pakistan and Bangladesh.

SAARC has been largely inactive since India, Afghanistan, Bangladesh, and Bhutan withdrew from a summit that Pakistan was set to host in November 2016. Since then, India has focused on cooperation through other regional mechanisms like Bimstec.

Yunus emphasized the need to revive SAARC for “enhanced regional cooperation to boost economic cooperation in South Asia,” according to an official statement. He suggested SAARC could emulate the European Union as a model of regional relationships and called for mutual efforts for shared benefits.

Maroof also highlighted the importance of strengthening bilateral relations and cooperation at multilateral platforms. He conveyed Pakistan Prime Minister Shehbaz Sharif’s concern over the devastation caused by floods in Bangladesh and offered Pakistan’s assistance.

Maroof also requested easier visa procedures for Pakistani citizens and proposed direct flights between the two countries, urging increased engagement through existing bilateral mechanisms.

Yunus also met with Russian ambassador Aleksandr Mantytsky. During their discussion, Mantytsky reaffirmed Moscow’s support for Dhaka at international forums. They talked about the Rooppur nuclear power plant, being built with Russian technical and financial support, and increased cooperation in food security, energy exploration, and science and technology. Mantytsky noted that the plant construction is in its final stage and is expected to be operational next year.

Yunus reminisced about Russia’s assistance during Bangladesh’s independence war in 1971 and its crucial mine-clearing operations at Chattogram port. He urged Russia to expand its imports from Bangladesh beyond ready-made garments, which constitute 90% of exports to Russia.

“We need to diversify our exports,” Yunus stated. Mantytsky acknowledged Russia as a key economic partner, supplying essential food grains and fertiliser to Bangladesh. Last year, Russia exported over 2.3 million tonnes of wheat to Bangladesh, and shipments for 2024 have already surpassed two million tonnes.

Gazprom, Russia’s state-run energy company, has shown interest in exploring five gas wells on Bhola island and additional wells inland. Mantytsky also expressed Russia’s interest in exporting LNG to Bangladesh.