Geoeconomics: The Interplay of Economics and Strategy in the 21st Century
Separation between economics & strategy that was taken for granted has collapsed in 21stCentury
The Economic TimesImage: The Economic Times
The separation between economics and strategy has diminished in the 21st century, according to Pradeep S Mehta, Secretary General of CUTS International. The recent G-SAGE webinar highlighted the urgent need for developing countries to adopt strategic approaches to navigate geoeconomic challenges, with insights from experts across multiple nations.
- 01The traditional separation between economics and strategy is no longer tenable.
- 02The African Continental Free Trade Area (AfCFTA) is seen as a key move towards Africa's industrialization.
- 03Cross-border electricity trade is evolving into a significant tool of economic statecraft in South Asia.
- 04Taiwan's semiconductor industry faces geopolitical vulnerabilities despite its economic strengths.
- 05Developing countries must actively engage in shaping geoeconomic policies.
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During the second webinar of the Geoeconomic Monograph Series (G-SAGE) hosted by CUTS International, Pradeep S Mehta emphasized the collapsing separation between economics and strategy in the 21st century. Experts from South Africa, the UK, India, and Taiwan discussed pressing geoeconomic challenges. Garth le Pere highlighted the African Continental Free Trade Area (AfCFTA) as a transformative initiative, potentially increasing intra-African trade from 17% to 52% by 2040. Hana Al Wakeel proposed a phased approach to Africa's global trade engagement, advocating for regional integration before entering reciprocal agreements. Professor Kirit Parikh presented the BBIN electricity trade framework, suggesting that enhanced power trade could increase Nepal's GDP by 39% by 2045. Dr. Kristy Tsun-Tzu Hsu underscored Taiwan's semiconductor industry as both an economic asset and a geopolitical vulnerability, stressing the need for resilience against various challenges. The G-SAGE initiative aims to equip developing nations with the necessary tools to navigate the complexities of geoeconomics effectively.
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The discussions from the G-SAGE webinar highlight the need for developing countries to actively engage in strategic economic policies, which could lead to improved trade opportunities and economic growth.
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