As new economic powers are being created to compete with established economic powers, new waves have been created in economic diplomacy. Organizations such as the World Trade Organization, the International Monetary Fund, and the World Bank are the bodies that provide decisive and shared leadership to economic diplomacy at the global level.

But in the bid to make themselves number one in the competitive world, some other regional cooperations have been born, which stand tall in terms of economic diplomacy. Regional economic power centers are being built from the natural conflict between the traditional power and the power emerging from the competition and the power that directly and indirectly supports it. Whether it is a competition to maintain a monopoly in the availability of crude oil, natural gas and minerals and natural resources, or whether it is a question of breaking records in the development of arms trade, nuclear and information technology. The regional blockade has created a unique wave in economic diplomacy globally. Trade and capital began to gain priority in

diplomacy. Foreign relations, i.e. diplomatic issues, security, immigration, disaster management, climate, borders, labor market, tourism, information technology started to be global or regional cooperation. Economic influence or economic relations reflected in such cooperation or joint initiatives can be characterized as economic diplomacy.

China has surpassed the United States by increasing its share in the world's gross domestic product. While India's share is 10.3 percent, China occupies 21.9 percent, stopping the US at 12.6 percent. It is seen to increase the economic competition at the global level. A few years ago, China overtook Japan to become the second largest economy in the world. India, the fifth largest economy, is on pace to become the third largest in the next decade. Germany has now made itself the third power, while Japan, which was second, has moved to fourth. By announcing that it will be the first economy, China has run fast accordingly. It is necessary for Nepal to balance its economic diplomacy between the competition of western countries with China and India and the competition between China and India.

The socialist model of China, which ran on the path of the world's second economy and the first, and the liberal market economy model of India, which stood on the fifth and ran on the path of the third, are influencing Nepal. In the current environment where the political leadership and economic stakeholders are completely divided in terms of adopting economic diplomacy, it is necessary to build an original diplomatic line of Nepal. Despite being between two neighboring economic superpowers, there is a danger of Nepal not being able to take sufficient advantage of it and confusion in economic diplomacy creating problems in the long term. Due to the confusion of economic diplomacy, not being able to find a new angle of economic development, and not being able to increase internal employment and production by increasing investment areas, the weakness of our economic diplomacy has come to light. Although Nepal has good relations with China, America, India, Japan, Germany, etc., which are helping to raise the economic level by giving loans and grants to the world, it is important to pay attention to why it could not get the expected benefits from the angle of economic diplomacy. There are many facts among us that are not easy when taking a loan or grant, when a donor agency comes into Nepal. When grantors or loan givers try to work alone or in partnership, the kind of legal, political and social obstacles and harassment they have to face in the country, it has also been seen that we do not have diplomatic honesty. We should try to discuss, decide and implement loan or grant proposals only after clarifying them first.

In the world economic competition, the change of the influence of bodies like the World Bank, International Monetary Fund, World Trade Organization, and ADB has led to confrontation with the economic diplomacy of various countries. The formation of regional alliances like IPS, Quad, BRICS, BRI, GCI and regional polarization based on them is also affecting various countries. Naturally, Nepal is also facing this effect. Countries, including Nepal, which are being upgraded from an underdeveloped state to a developing nation, have faced a crisis between the relations of common bodies and the cooperation of regional alliances. Due to the interests of regional alliances, a situation has arisen where a developing country like Nepal is unable to form a common vision to cooperate with projects like BRI and MCC. Since the Boao Forum and many other such regional collaborations, with or without presence, a situation has arisen where one side is not satisfied. In such an environment, it is necessary to agree that the developing countries will not be subjected to regional blockades and competition.

Climate diplomacy, which is currently a global common issue, is a matter of greater concern for the developing countries of the world. Due to industrialization, the whole earth is warming up due to greenhouse gases and carbon produced by developed countries. Due to the disasters created by climate change, developing countries are falling into a deep crisis. In this way, it is necessary to carry out the correct implementation of common climate diplomacy in terms of raising the country that is falling into crisis by working together and freeing it from the vicious cycle of poverty.

The implementation of the Paris Agreement released in France on December 12, 2015 is a common issue of climate diplomacy at the moment. It is necessary to decisively conclude the aspect of climate justice that developed countries are not implementing or complying with even for 10 years and developing countries are struggling to establish our rights. Moreover, the recently elected President of the United States, Donald Trump, has announced that he will not accept the Paris Agreement, and environmental concerns have increased worldwide. Climate justice requires fighting the US president or anyone powerful. Only this will give justice to developing countries in a way. In order to prevent the earth's temperature from rising above 1.5 degrees, developed countries can help developing countries to take the initiative in implementing an agreement to contribute to environmental protection.

Conservation of natural resources, protection and restoration of community and dependent employment are the economic aspects linked from the angle of climate justice. The issue of emission reduction, expansion of renewable energy, expansion of access to renewable energy, etc. should be raised in common, and the issue of world-class cooperation should be made from an economic angle. It feels like cooperation not only in the form of loans or assistance, but also from the perspective of the value of the contribution. It can be felt that climate diplomacy and economic diplomacy are properly combined.

Nepal should have a clear approach according to the policy of equality and panchasheel with two powerful neighbors and world powers. One should openly take initiatives for rights. Stand fearlessly and clearly for self-respect. In the context of climate diplomacy, the question from Everest to the sea should be taken seriously. The Everest dialogue started by Nepal should be made the key to climate diplomacy in order to be established as an important pillar of climate diplomacy.