The term “economic diplomacy” describes the use of diplomatic instruments and means to advance and promote a nation’s economic objectives. This idea has been adopted by many countries to boost their prosperity and economic growth. For example, China’s Belt and Road Initiative, which aims to boost trade and investment among participating countries, has made enormous progress in economic diplomacy. As a result, China has been able to increase its economic clout and access crucial resources. Likewise, the United States advances its economic interests through free trade agreements and other projects. These initiatives have boosted U.S. exports and supported job growth. Overall, the use of economic diplomacy has benefited the economies of these countries by providing new opportunities for growth and development.
Pakistan is a country facing a unique set of national security challenges. Pakistan must balance a variety of internal and external security challenges since it is a nuclear-armed state located in an area rife with political unrest. Although Pakistan has always depended on military might to protect its interests, there is a growing understanding that economic diplomacy must take center stage in the peace process. national security strategy.
Our conception of national security, which is based on outdated conceptions, guns versus butter debate, aims to find ways to increase economic resources so that Pakistan can simultaneously strengthen its traditional and non-traditional security. The most responsible course of action is to prioritize economic security while judiciously distributing the benefits of a robust economy to strengthen our defense and social security.
Pakistan has many opportunities to improve its security through economic diplomacy. Above all, economic diplomacy can help Pakistan reduce its dependence on foreign aid and diversify its sources of economic growth. Pakistan has traditionally failed to experience consistent economic growth as a developing country, with periodic periods of instability and need for external assistance. By using economic diplomacy, Pakistan can attract international investment and enter into beneficial trade deals that can promote economic growth and reduce the country’s vulnerability to external shocks.
Economic diplomacy may be even more crucial for Pakistan than for other countries due to the country’s unique security concerns. Pakistan can improve its security and stability in a rapidly changing world by using its economic strength to diversify its sources of growth, address pressing security challenges, and balance regional adversaries.
Dr. Mueed Yousef (former National Security Advisor) said: “Our thinking on national security seeks to identify ways to expand economic resources such that Pakistan can simultaneously strengthen its traditional and non-traditional security. The most prudent approach is to place economic security at the center of our concerns and judiciously transfer the dividends of a strong economy to further strengthen our human security, defense and diplomacy. »
Ultimately, by using economic diplomacy to attract foreign investment and forge economic ties with other countries in the region, Pakistan can increase its own influence and counterbalance the growing influence of regional powers such as India and the China, both of which have made significant investments in Pakistan. neighbors, notably Afghanistan and Bangladesh.
Pakistan has the capacity to change course and move towards a more stable and prosperous future. Just as China’s economic diplomacy has been the cornerstone of its global rise. Pakistan also has the capacity to harness the power of economic cooperation to strengthen its national security system and establish itself as an important player in the international arena.