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Economic diplomacy is a form of diplomacy that uses the full spectrum of economic tools of a state to achieve its national interests.[1] The scope of economic diplomacy can encompass all of the international economic activities of a state, including, but not limited to, policy decisions designed to influence exports, imports, investments, lending, aid, free trade agreements, among others.[2]
Economic diplomacy is concerned with economic policy issues, e.g. work of delegations at standard setting organizations such as World Trade Organization (WTO). Economic diplomats also monitor and report on economic policies in foreign countries and give the home government advice on how to best influence or coerce 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".[3]
- ^ Economic Diplomacy: A Review.Strategy & Macroeconomic Policy eJournal. Social Science Research Network (SSRN). Accessed 7 February 2021.
- ^ Moons, Selwyn and Van Bergeijk, Peter A. G., Economic Diplomacy and Economic Security, New Frontiers for Economic Diplomacy, pp. 37-54, Carla Guapo Costa, ed., Instituto Superior de Ciéncias Sociais e Politicas, 2009. https://ssrn.com/abstract=1436584
- ^ R. Saner, L. Yiu, International Economic Diplomacy: Mutations in Post-modern Times, Discussion Papers in Diplomacy, Netherlands Institute of International Relations “Clingendael”, s.10. https://web.archive.org/web/20060518052150/http://www.transcend.org/t_database/pdfarticles/318.pdf