Economic diplomacy in the era of globalization

Baltezarević, Radoslav (2024) Economic diplomacy in the era of globalization. In: 5. International Mediterranean Congress, Mersin, Türkiye, 13-14 January. IKSAD Institute, pp. 61-64. ISBN 978-1-955094-92-4

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Abstract

Combining diplomatic skills with financial instruments to further a nation's political, economic, and strategic objectives is known as economic diplomacy. The role of economic diplomacy, in addition to establishing political ties with other nations, protecting national security and forming a positive image of the country abroad, is also attracting foreign investments, creating a favorable business environment and developing commercial relations between states and corporations. In order to foster new ventures and deepen trade integration, economic diplomacy provides the groundwork for today's worldwide economic ties between nations (or groups of nations), and corporations. It can be said that economic diplomacy enables the state to promote its business on a global level. However, globalization has brought with it many changes (such as unique changes in communication, mobility, trade, migration or international security), including changes in the sphere of economic diplomacy, as well. Globalization represents the increasing interdependence of world economies, populations and cultures, as a result of cross-border trade in goods and services, investments, technology, people and information flows. Given the multitude of players involved in this process, it is believed that the phenomena further undermined the state's position and function in international politics. Unfortunately, developed countries and multinational corporations are increasingly influencing national and international politics in order to maximize economic profit, which has a direct negative impact on all those who lack such authority, such as developing countries. In such an unfair battle, governments must remain focused on promoting their economic interests on a global scale, and reorganize their economic diplomacy to develop better trade partnerships.

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