Memorandum of Peace signed
The Diplomatic Council, the Diplomatic World Magazine and the Brussels Diplomatic Academy of the Vrije Universiteit Brussel have signed a Memorandum of Peace thus forming an alliance for Economic Diplomacy. This decision is based on the joint perception that a thriving economy, which brings prosperity to mankind, provides a solid basis for a peaceful interaction between nations. Hence, diplomacy, economy and society are unseparately intertwined.
The newly formed alliance supports the increasing interest of diplomatic circles in economic interrelationships and vice versa the economy’s interest in establishing contacts to the diplomatic corps. For this purpose, the three partners have developed joint information and networking programs in order to bring diplomacy and business together. The launch event at the prestigious location “Living Tomorrow” in Brussels was attended by around 100 guests from diplomacy, politics, economy, culture and society and the main focus was to build a bridge between Europe and China.
There are various indications that transnational businesses may reduce the threat of interstate conflicts. If two countries have a high degree of mutual economic dependency, they will strive to take care of one another’s well-being. One of the most significant research projects in this connection comes from economist Solomon Polachek (1980). Based on multiple regression analysis over a period of 10 years in 30 countries, Polachkek reached the following conclusion: if two countries double their bilateral economic exchange, this will decrease the probability of an interstate conflict by 20% on average.