Economic diplomacy is now integral to foreign policy strategy

The distinction between geopolitics and geoeconomics has largely diminished; economic diplomacy is now integral to foreign policy strategy in the twenty-first century, said Dammu Ravi, former Secretary (Economic Relations) at India's Ministry of External Affairs, as he addressed a new geoeconomic initiative launched recently by India’s leading public policy body CUTS International.

CUTS International launched its ambitious Geoeconomic Monograph Series, "Global Strategies in the Age of Geoeconomics" (G-SAGE), through a high-level virtual webinar bringing together leading experts from five continents. The event was moderated by Hana Alwakeel, Research Assistant at the Firoz Lalji Institute for Africa, London School of Economics.

In his opening remarks, Pradeep S Mehta, Secretary General of CUTS International, argued that "geoeconomics remains under-discussed in policy circles, under-theorised in academic literature, and under-appreciated in strategic planning, despite being one of the most decisive forces shaping contemporary power, vulnerability, and global competition."


The G-SAGE series, Mehta explained, offers granular, comparative, and forward-looking assessments of how countries and regional groupings are leveraging economic tools to advance strategic objectives in a rapidly evolving global order.

Each monograph is co-authored by a senior expert alongwith an emerging scholar, analysing specific countries or regions through six key thematic lenses: supply chains and industrial policy; critical and emerging technologies; infrastructure and connectivity corridors; climate transition and energy security; trade and financial governance reforms; and strategic investments and resource security. The series also serves as a mentorship platform, nurturing the next generation of geoeconomic thinkers through collaborative research and capacity building.

The launch webinar featured presentations from five distinguished international experts. Ravi emphasised that "strong regionalism and economic groupings are critical geoeconomic tools for navigating fragmentation and strengthening economic resilience," reflecting the series' focus on how regional architectures are adapting to new geoeconomic realities.

Ms. Lydia Kulik, Head of India Studies at Moscow School of Management SKOLKOVO, Russia, presented insights on Russia's geoeconomic strategy. "The shift of economic power towards the Global South demands overdue reforms in international financial institutions to reflect contemporary economic realities," she argued.

She added that "India-Russia economic engagement can act as a stabilising factor in a fragmented global economy shaped by strategic competition and geoeconomic pressures."

"Critical minerals essential for the green transition elevate Africa's geoeconomic significance within global supply chains," observed Kwame Owino, Chief Executive Officer of the Institute of Economic Affairs in Nairobi, Kenya, who analysedAfrica's role in the evolving geoeconomic landscape.

Kwame cautioned that diversification beyond resource extraction is essential, as minerals alone cannot determine Africa's broader geoeconomic and development outcomes."

Renato Baumann, Economist at Brazil's Institute for Applied Economic Research (IPEA), examined Latin America's geoeconomic positioning, noting that "access to critical minerals and energy resources positions South America as a strategically important geoeconomic supplier in technological transformation"

An expert from Austria, Velina Tchakarova, Geopolitical Strategist and Certified Strategic Foresight Expert offered European perspectives on strategic competition, observing that "geoeconomics today is about diversification, not alignment, enabling countries to expand investment partnerships without choosing sides."

The diverse panel composition reflected the series' commitment to incorporating perspectives from multiple regions and strategic traditions, moving beyond Western-centric analyses of geoeconomic competition.

The G-SAGE series will expand through successive quarterly webinars featuring new regional analyses and thematic deep dives. The initiative will culminate in the publication of a comprehensive compendium and an international conference in India, bringing together authors, policymakers, and strategic stakeholders for sustained dialogue on geoeconomic futures. The total number of monographs are expected to be more than 25.

"The current geoeconomic transition opens a window of opportunity for the Global South to re-assert their position and align the global agenda with their developmental objectives. The challenge ahead is not whether to participate in this system, but how to strategically shape their position in it through resilience, diversification and regional integration.," Alwakeelconcluded, complimenting the G-SAGE series' ambition to bridge academic insight with policy relevance.