The Rising Role of Emerging Economies in Economic Diplomacy

Pennina Shilongo

Over the past decade, the role of emerging economies in economic diplomacy has undergone rapid development, with countries such as China, India and Brazil taking on a greater role in shaping global economic governance.

This trend is having a profound impact on the practice of economic diplomacy, and represents a major opportunity for a more inclusive and equitable economic system.

The rise of emerging economies represents a potential shift towards a more multipolar economic order, which leads to greater diversity in economic models and increased opportunities for countries to pursue their own unique paths towards development.

A more multipolar economic order serves as a check on the dominance of Western powers, and promotes a more balanced distribution of economic power in the world.

Emerging economies have also become increasingly assertive in pursuing their own interests and agendas in international economic relations.

This has led to a more competitive landscape, with countries seeking to establish closer economic ties with emerging markets to secure access to key resources and markets.

A relevant example is China’s Belt and Road Initiative (BRI) which has sparked intense debate, with some saying it represents a fresh form of economic imperialism.

However, on the other hand, some perceive the BRI as a way for China to increase its economic influence and promote global connectivity, particularly in developing regions.

One of the most significant benefits of the rising role of emerging economies in economic diplomacy is the promotion of greater economic development and prosperity in these countries.
As they become more integrated into global economic governance systems, they are able to access new markets, technologies, and resources which could help fuel their growth and development.

Furthermore, the increasing influence of emerging economies in economic diplomacy has also led to greater representation and participation in global decision-making processes.

Countries that were previously excluded from these processes due to their relative economic weakness are now able to play a more active role in shaping economic policies and governance systems.

This trend is particularly crucial for developing countries, which often lack the resources and expertise to fully engage with the complex world of international economic diplomacy.

By giving these countries a greater voice in global economic governance, emerging economies are helping to promote a more inclusive and equitable economic system.

The increasing role of emerging economies in economic diplomacy represents a major opportunity for a more diverse and equitable global economic system.

While this trend presents some challenges and tensions among nations, it also brings about significant benefits, such as greater representation and participation in global decision-making processes, as well as greater economic development and prosperity in emerging economies.

Therefore, it is the responsibility of diplomats and policymakers to navigate this intricate terrain and promote greater cooperation and collaboration among nations, with the goal of building a more stable and prosperous global economic system.

  • Pennina Shilongo is a PhD researcher and holds a master’s degree in international relations and economic diplomacy. She can be contacted at natjie.shilongo@gmail.com

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News