New Delhi: Observing that globalisation was binding various economies into the new parameters, External Affairs Minister Pranab Mukherjee tonight said economic diplomacy was assuming greater importance under the new dispensation.
“Economic diplomacy is emerging as a key instrument of the policy,” Mukherjee said, adding that sglobalisation is binding national economies into the new economic system.
Mukherjee who was launching the Nobel Laureates Lecture Series here, said the foreign policy now should not be treated as an “esoteric” subject that remains a closely guarded secret which is shared and discussed only by the government
He said the new initative by the Public Diplomacy Division of the External Affairs Ministry sought to discuss various national and international topics by a wide cross-section of the public.
In his lecture, the 1994 Nobel Prize Winner in Economics John F Nash Jr explained his “game theory” that had won him the coveted prize.
Speaking on “Global Games and Globalisation”, Nash said the linear programme under the game theory suggested that the end result of any global trade or other initiatives would be zero as some would gain and some lose.
He indicated that the theory could be put into action for deriving equitable economic benefits by regional groups such as South Asia that comprises India and the North American Free Trade Area (NAFTA) that include U.S, Canada, Mexico and other nations.