Instead of being emotional over a distressed history with regional peers, South Asia should be inspired by East Asia’s intra-regional trade and be pragmatic to allow commercial opportunities, for a greater regional integration, says Central Bank of Sri Lanka (CBSL) Governor Dr. Indrajith Coomaraswamy. “South Asia is the least integrated region in the world. We tend to be emotional and allow that to get in the way of commercial opportunity,” the CBSL Governor said, noting that this was his personal view and not the official stance of the CBSL. Addressing the South Asian Economics Students’ Meet (SAESM) held in Colombo on 21 January, he pointed out to East Asia’s dynamic structural change in intra-regional trade over the decades despite unpleasant past stories. “If we look at Japan, China, and South Korea those countries too had a troubled history. But they have been able to transcend and rise above those and to be very pragmatic in terms of their commercial dealings,” he added. Dr. Coomaraswamy urged that South Asia should also be encouraged by such realistic approaches which would help the region benefit in terms of regional trade. “There are billions and billions of worth trade taking place between China, Korea, and Japan. I think we need to learn. We need to look at South East Asia and learn pragmatism,” he said. Reuters recorded that China, Japan, and South Korea together accounts for 20% of global GDP. On a further note the Governor called on younger generation who has the ability to fill the deficit between South Asia’s real potential and its current achievements, despite negative history. “Finally it is young people who do not have troubled negative history who can use the gap between potential and reality in the region,” he said. Governor said that India plays a pivotal role in creating integrated Regional Corporation in the South Asian region and he was optimistic of India’s latest policy adoption. “India has the greatest role to play in promoting greater regional integration. There are some changes which have been going on with India in the recent years, which I think are conducive for better regional corporation. With the Make in India strategy, the experience of East and South East Asia can be created in the region.” Accordingly, India has to play a similar role to that of Japan and China, whose self-development processes eventually developed other countries in the region, by plugging into supply chains of companies. “If India gathers a momentum and it results in supply chains, cross border productions, and sharing networks, clearly the countries in the region will get new opportunities than in the past,” he added. Elaborating on the benefits of an integrated regional trade, the Governor emphasized upon the need of a properly articulated national framework policy strategies, which can prioritise regional integration in terms of several factors. “Regional integration will create more winners and losers. There needs to be a holistic approach that covers calibrated trade liberalisation, trade facilitation, improvement in the ease of doing business, attracting FDI, improving skills development and labour market,” he added. Speaking particularly on Sri Lanka, the Governor noted that the country’s nation building process also requires inspiration from East Asian countries.