‘Economic diplomacy becoming more relevant in globalised world’

ABU DHABI / WAM

As globalisation transforms international economic relationships, economic diplomacy has a key role in influencing policy decisions of governments and international organisations, Paulo Portas, Former Deputy Prime Minister of Portugal, said in a lecture on the topic, ‘Economic Diplomacy: The Core of New International Affairs’, organised by Emirates Diplomatic Academy recently.
“There are no more local or national markets, there are only international markets, and we have to promote our national interests in the international markets to win,” stated Portas while describing effect of globalisation in international relations.
He said that in order to understand Economic Diplomacy, it is important to aim to be global. “Not everything that is national becomes global, but everything global can become national,” he said. “Globalisation has changed the very nature of diplomacy.”