Through economic diplomacy, the state uses a range of foreign policy resources to achieve its national interests. This form of diplomacy is also concerned with global economic issues, such as international free trade and sustainable development.
The four basic components of economic diplomacy are:
•Commercial diplomacy: the establishment and improvement of trade and investment agreements, both bilateral and multilateral.
•Corporate diplomacy: the support of national companies overseas.
•Security diplomacy: the expansion and strengthening of stable foreign relations by increasing the benefits of economic cooperation.
•Transnational diplomacy: the assessment of political influence within the framework of international organizations.
Study the economic diplomacy of one state―your native country or any other of your choosing―, following these guidelines for each part of the assignment:
•Background: explain briefly events relevant to the current situation.
•Core principles and objectives: define areas of interest and growth strategies.
•Actors: identify the offices and diplomatic agents involved, from government departments to individuals.
•Bilateral relations: summarize the state’s most important economic partnerships and how it benefits from them.
•International institutions: elaborate on the state’s relation with world economic organizations and their participation in free trade agreements.
•Ongoing negotiations: mention present discussions to enhance economic foreign relations.
Remember to focus on diplomacy. The assignment is about diplomatic objectives, efforts, and results. Avoid simply presenting macroeconomic data or information only on national economics
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