LAHORE
\nThe Pakistan Businesses Forum (PBF) said on Sunday that China-Pakistan Economic Corridor (CPEC) was playing a role in channelizing the notion of economic diplomacy in policy-making arenas.
\n\u201cIndubitably, CPEC has the potential to become a breeding ground for Pakistan\u2019s venture of economic diplomacy not only through special economic zones but also by enhancing regional connectivity in multifarious manner.\u201d Addressing the PBF executive committee here, forum\u2019s Deputy Secretary General (Economic) Dr Laraib Elahi said that it was a widely accepted fact that economy was central to foreign policy and was curated in accordance to it. Since geo-economics shaped geopolitics, she added, it was indispensable to ensure economic amplification through diplomatic means to build and maintain regional influence.
\nShe asserted that it would not be wise to bifurcate economic policy and foreign policy, as it was an effective tool of national security as well. She said that the West, being far ahead of the rest of the world, had realised the importance of economic diplomacy and had set up European Union – the biggest trade bloc, with more than 100 countries in trade relations – was the epitome of building trade superstructure over diplomatic infrastructure.
\nThe EU started its envious journey from a treaty of merely six countries trading in just two goods (European coal and steel community) ultimately coalescing the entire continent.
\nThe PBF office-bearer observed that Pakistan\u2019s trade outreach was limited to European states that stretches to American continent for most. If it coupled with aggressive yet prudent diplomacy supplemented with local think tanks or NGOs, the reach could turn global within no time.
\nNo doubt the centre of gravity for the global economy had now shifted from the West to Asia and Africa, later it would be labelled as the \u2018Continent of the Future\u2019 owing to its promising economic potential and lucrative investment. In this perspective, Pakistan would also have to diversify its exports by focusing more on the CPEC.
\nAccording to US Department of Agriculture, she mentioned, Pakistan\u2019s domestic rice consumption was 3.7 million tonnes and exportable supply had been 7.3 million tonnes during financial year 2021-22, this large surplus was an opportunity to bolster exports, and it happened only through rigorous economic diplomacy.
\nHowever there was a dire need to institutionalize the ethos of economic diplomacy to keep pace with rest of the world, Dr. Laraib added.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAHORE The Pakistan Businesses Forum (PBF) said on Sunday that China-Pakistan Economic Corridor (CPEC) was playing a role in channelizing the notion of economic diplomacy in policy-making arenas. \u201cIndubitably, CPEC has the potential to become a breeding ground for Pakistan\u2019s venture of economic diplomacy not only through special economic zones but also by enhancing regional […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-282940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n