The Pakistan Business Forum (PBF) said geoeconomics shapes geopolitics and it is vital to ensure economic growth through diplomatic means.

Deputy Secretary General (Economic) Dr Laraib Elahi told the PBF executive committee that economy is central to foreign policy. She said the China-Pakistan Economic Corridor (CPEC) is playing a key role in channelizing the notion of economic diplomacy in policy-making arenas.

“The CPEC has the potential to become a breeding ground for Pakistan’s venture of economic diplomacy not only through special economic zones but also by enhancing regional connectivity,” she said. She said it would not be wise to bifurcate economic policy and foreign policy as it is an effective tool of national security as well. She said the West, which is far ahead of the rest of the world, had realised the importance of economic diplomacy and set up the European Union trade bloc, with more than 100 countries in trade relations.

The PBF office-bearer said Pakistan’s trade is not limited to only European countries but it has also trade relations with America. Through an aggressive yet prudent diplomacy, the outreach can be expanded to across the globe within no time.

Pakistan, she said, would also have to diversify its exports by focusing more on the CPEC. According to the US Department of Agriculture, she said, Pakistan’s domestic rice consumption was 3.7 million tonnes and exportable supply was 7.3 million tonnes during financial year 2021-22. The surplus was an opportunity to bolster exports through prudent economic diplomacy, she added.

She said there was a dire need to institutionalize the ethos of economic diplomacy to keep pace with rest of the world.

Credit : Independent News Pakistan-WealthPk