Economic diplomacy is an in-thing, and its utility is increasing by the day as it has proved itself as an extremely cogent method in resolving extremely cogent bilateral and multilateral issues creating tensions in the international arena.
Throughout history, military might and the politics of force have dominated global relations.
But, with the fourth Industrial Revolution, power components in both international and bilateral relations have shifted from the political-military expanse to economic (commercial) and cultural ones.
That said, economic diplomacy — the method through which states conduct their external commercial relations and leverage those connections based on economic prowess — is not a new phenomenon. It has been used for centuries by savvy nations.
Since 1947, Pakistan has gone through periods of high economic growth and periods of almost non-viable economic growth. Such ebbs and flows have affected the overall economic growth of the country.
With passing times, financial problems have increased manifold and, due to the lack of vision and reforms, the state is yet to find the path to economic sustainability.
Pakistan has always been enamored of the notion of unforeseen threats. Such a mindset of threat perception has only come at the cost of economic ties and opportunities. Geopolitics has always been considered more relevant than geo-economics, even though the two intersect. As a result, economics or economic diplomacy has continued to be neglected in the...
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