Based in London, Mr Rachman will commence his new post in July, when he will write a weekly column. He will also become an associate editor.
Mr Rachman joins the FT after a 15-year career at The Economist, where he held several senior positions, including deputy US Editor, Asia editor, Britain editor, and business editor. He also wrote the Charlemagne column from Brussels in his role as EU Correspondent.
Lionel Barber, editor of The Financial Times said: "I am thrilled that Gideon is coming aboard the FT. He is an elegant and provocative writer with very wide experience overseas and in the UK. His Charlemagne column on Europe was a must-read. I fully expect his new foreign affairs column will be a must read for FT readers around the world."
Mr Rachman said: "I'm delighted to be joining the Financial Times. I've had a great 15 years at The Economist, but the chance to write a column for the FT was impossible to turn down."
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