As proven by the experience of many economies, including in the EU, trade openness is the best catching up strategy for developing countries. But the contagion effects we have seen from time to time demonstrate the main challenges associated with interdependence. Globalisation has put all countries around the globe into one boat.
Something that happens in one economy is often not just a local event but can have implications for the global system. From this fact it follows that all economies which have a systemic importance should be involved in discussing and participating in the collegial response of the international community as regards issues of global relevance.