Economic diplomacy and world’s future

Yesterday, the British Prime Minister Boris Johnson has cancelled his trip to India due to spike in coronavirus cases, the visit was a part of “Global Britain” campaign and a post-Brexit trip. Prime Minister Boris Johnson had accepted an invitation to meet Indian Prime Minister Narendra Modi as his first major trip after Britain completely left the European Union.

The purpose of this visit was to boost the UK- India bilateral trade, investment, health, Defense and Security cooperation in the post Brexit era. After Brexit, UK is going to launch a new vigorous initiatives to secure its financial and Security interests around the Globe, so the post- Brexit impacts on UK’s economy, Defense and society could be managed smoothly.

Therefore, India is an attractive strategic partner and alternative market to the UK in the future. Presently, the UK-India trade relationship is worth around £ 24 billion a year and support around half a million jobs in UK. The two countries are already working to reduce barriers and deepen their bilateral trade relations and to forge free trade agreement between them. Both parties have opportunities to expand their exports to each other, as per a review by Joint Economic and Trade Committee (JETCO) of both Countries. There is approximate £250 million annual boost for British businesses in the field of polyhalite, a multi-nutrient fertiliser mined in the UK.  There is a huge potential in several other venues of bilateral trade between the two countries.

On other hand, the bilateral trade between UK and Pakistan is about £3.1 billion, which is in favour of Islamabad as its exports to London stood at £1.9 billion in the year ended December 2018. Although, there is scope to increase the volume of bilateral trade between UK and Pakistan. As per assessment it can easily be doubled. The UK is Pakistan’s third largest export market after the US and China.

But even then, it has no significance as compare to UK India bilateral trade. Today Economic and Trade Relations matters more than any other bond and values to all countries and people of the world. India being great in size, population and resources attract other countries and business Giants for their future trade and investment to boost their financial opportunities. Therefore, we observe that no country having financial interests in India does not say a word on minorities and human rights violations in IIOJK by India. It is well said that Pakistan needs an inter- Ministerial and inter- Agencies comprehensive dialogues to set its objectives and policies to achieve those goals, because the traditional diplomacy is no more productive in the contemporary World.