Economic diplomacy

Economic diplomacy

Definition

Economic diplomacy is concerned with economic policy issues, e.g. work of delegations at standard setting organisations such as WTO. Economic diplomats also monitor and report on economic policies in foreigh countries and give the home government advice on how to best influence them. Economic Diplomacy employs economic resources, either as rewards or sanctions, in pursuit of a particular foreign policy objective. This is sometimes called "economic statecraft". [R. Saner, L. Yiu, "International Economic Diplomacy: Mutations in Post-modern Times", Discussion Papers in Diplomacy, Netherlands Institute of International Relations “Clingendael”, s.10. http://www.transcend.org/t_database/pdfarticles/318.pdf]

Issue

Economic diplomacy is the decision-making, policy-making and advocating of the sending state-business interests. These are just a few of the objectives of Economic Diplomacy. Economic Diplomacy requires application of technical expertise that analyze the effects of a country's (Receiving State) economic situation on its political climate and on the sending State's economic interests. The Sending State and Receiving State, foreign business leaders as well as government decision-makers work together on some of the most cutting-edge issues in foreign policy, such as technology, the environment, and HIV/AIDS, as well as in the more traditional areas of trade and finance. Versatility, flexibility, sound judgment and strong business skills are all needed in the execution of Economic Diplomacy.

Economic Diplomacy:• engages contacts in foreign and Sending States institutions, businesses, and international organizations, to advance the sending State's economic interests • seeks to resolve bilateral trade disputes and negotiate with trading partners to liberalize world trade • seeks to formulate official policy for development and formulate recommendations for Sending State • facilitates negotiation on trade-related agreements and treaties • identifies and coordinates financial assistance to troubled areas; Economic diplomacy also engages development partners to raise standard of living in both Sending and Receiving States

• co-ordinate trade policy, overlook enforcement export controls, and promote open markets • promote Sending States policies and interests in international and bilateral scientific, environmental, and technological arena [Linden Sinclair - Foreign Service officerSome Ideas taken from the United States State Department and Foreign Service Institute.]

ee also

diplomacy, foreign policy, cultural diplomacy, commercial diplomacy

References

External links

* [http://textus.diplomacy.edu/Thina/GetXDoc.asp?IDconv=3022 Economics and Diplomacy] (Source: Chapter 4. – “Bilateral Diplomacy” by Kishan Rana)


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