Bourses coordination

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With South Asian institutional coordination remaining in limbo for decades, it is a breakthrough of sorts to see a tripartite bourses deal in the making. The stock exchanges of Colombo, Dhaka and Islamabad took a leaf forward as they signed an MoU to work closely in the arenas of technology development, manpower, investment protection, regulation and product enhancement.

The primary intention was to overcome individual capacity deficiency in operational constraints due to their relatively small size and the onslaught of technology and AI with which the developing entities are faced with. It is a promising path and should not be equated as an emerging power bloc against the mammoth India that holds sway in the region by virtue of its economic prowess.

This unique integration of bourses, however, could not have come in isolation. The changing dynamics in the region hint at some realpolitik factor being instrumental, and distancing from India to take leadership initiatives cannot be ruled out. But the point is that Sri Lanka and Bangladesh conventionally have been inward-oriented markets for India.

Thus, this new listing without soliciting New Delhi's pleasantries is surprising, and could be a game-changer for smaller units of the South Asian region to walk straight. To what extent India can manipulate ground realities in these bourses is hard to guess, and one hopes this mere space-sharing in trade and commerce should not become a turf for ulterior competition by either side.

Another case in point is that political somersaults in Dhaka and Colombo correspond with their leaning towards China, and this factor is popularly known as the rise of Trifecta. With Islamabad already a Beijing ally, the coordination of these three states in commerce and listing of their competitive synergies on bourses will surely invite extra-regional attraction. This is where the defunct SAARC should be revitalised, and India can take the lead in regional cooperation.

In an era of geo-economics, India's adamant attitude to shun Pakistan is irksome and illogical. Let this new episode be a twinkle of hope for greater amalgamation for regional businesses.