Development through Economic Diplomacy

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Development through Economic Diplomacy

Economic globalization has increasingly made economic diplomacy a significant factor in foreign policy. Economic progress and prosperity depend on the beneficial relationships with other countries and each country wants to penetrate into other countries with its goods, services, labor and investment. Global economic issues have a great impact on domestic issues, and in the process, economic diplomacy involves global economic issues.

Economic diplomacy is concerned with the prediction of outcomes of future trade regimes and therefore it will need an understanding of market factors at work in a given global economic environment, and in that process, a country will involve itself in making decisions in advancing economic interests. There is an awareness that economic diplomacy may strive for greater transparency, better information, greater clarity and more publicity. Private sectors give high priority to transparency. Economic diplomacy refers to the use of our political influence and relationships...