Economic diplomacy

Economic Diplomacy: A New Dimension of Nepalese Foreign Policy

Abstract: 
Contemporaneous with the end of the Cold War and the collapse of the Panchayat regime in the 1990s, policy makers in Nepal faced a sudden existential crisis in the foreign policy front. In the early 1990s, therefore, the discourse on economic diplomacy attained greater prominence in the domain of foreign policy. After two and half decades of its adoption as a component of our foreign policy, it’s the time to judge its role in fostering economic development. It may be argued that the objective of economic diplomacy has not been met owing to various factors. While it is obvious that the inordinate expectations on the ability of economic diplomacy to make contributions to economic development is probably misplaced, it is nonetheless true that, shorn of much strategic and political role in either the region or the world stage, Nepal's economic diplomacy is more relevant today than in than past. The way to do this is to set clear institutional guidelines and goals, improve the Foreign Ministry's co-ordination not only with its missions abroad but also with the line ministries, private stakeholders, and enhance the interface between the human resources and modern technology backed by sound political environment at home.
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