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Economic Diplomacy

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Economic Diplomacy with case study

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Economic Diplomacy

  1. 1. ECONOMIC DIPLOMACY
  2. 2. Economic diplomacy defined “The process through which countries tackle the outside world, to maximize their national gain in all the fields of activity including trade, investment and other forms of economically beneficial exchanges, where they enjoy comparative advantage.; it has bilateral, regional and multilateral dimensions, each of which is important”.
  3. 3. Three elements of economic diplomacy  The use of political influence and relationships to promote and influence international trade and investments.  The use of economic assets and relationships to increase economic security.  Ways to consolidate(strong) the right political climate and international political economic environment to facilitate and institute these objectives.
  4. 4. Economic diplomacy-Issues Economic diplomacy requires application of technical expertise:  Versatility,  Flexibility,  Strong business skills
  5. 5. Scope International and Domestic economic issues – this includes the “rules for economic relations between states” that has been pursued since the World War II.  And owing to the increased globalization and the resultant interdependence among state during the 1990s obliges “economic diplomacy to go deep into domestic decision making” as well.
  6. 6. Players  State actors such as Govt.agencies  Non-state actors such as NGOs  Businesses and investors
  7. 7. Economic Diplomacy on the focus of Foreign Policy
  8. 8. Economic Diplomacy on the focus of Foreign Policy  Economic diplomacy is traditionally defined as the decision-making, policy-making and advocating of the sending state’s business interests.  Economic diplomacy is the art of serving economic security and strategic interests of the country .  The agenda of economic diplomacy is comprehensive.
  9. 9. THE ORGANISATION OF ECONOMIC SYSTEMS OF          DIPLOMACY   The united model represents a complex of development of bilateral trade  and economic relations under the Aegis of Ministry of Foreign Affairs.   The,partially,united model. The Ministry of Foreign Affairs and the Ministry  of Economic,jointly organize their work on the development of trade and  economic relations   where the trade and   economic mission is allocated to the separate division of diplomatic missi on, and, as a result, is in a   double subordination to the Ministry of Foreign Affairs and to the Ministry                       of Economics. 
  10. 10. Three levels Economic diplomacy is functional at three  levels:    Bilateral              Regional        Multilateral.                  
  11. 11. Difference among these diplomacy Economic diplomacy’ ‘‘The political means as  leverage in international  negotiations with the aim of  enhancing national  economic prosperity, and  the use of economic  leverage to increase the  political stability of the  nation’’ . For example: the US-EU  trade agreement negotiations  commercial diplomacy’ The work of a network of  public and private actors  who manage commercial  relations and business  support using diplomatic  channels and processes,  satisfying both public and  private needs. For example: Chinese  businesses in Africa
  12. 12. Significance of Economic  Diplomacy
  13. 13. Significance of Economic Diplomacy Interests Power Environment opportunities
  14. 14. Significance of Economic Diplomacy  Interests First, in terms of strengthening interests,  economic diplomacy is an extension of domestic  politics, and serves domestic economic  construction. Economic diplomacy is interest-oriented.  Economic  diplomacy serves national economic  development and transformation.
  15. 15. Significance of Economic Diplomacy        Power Second, by smartly employing power,  economic diplomacy helps to enhance China’s  international influence. China is now fully able to counteract this and  enhance its international influence by exerting  its influence on global diplomacy through the  comprehensive and integrated use of economic  means.    Example    China-Africa Cooperation Forum in October  2000,  
  16. 16. Significance of Economic Diplomacy Environment Changing the diplomatic  environment.  Third, by improving the overall  diplomatic environment, economic  diplomacy contributes to peace,  development, cooperation and a win-win  situation.  Example China-US relations are a typical  example of this. 
  17. 17. Significance of Economic Diplomacy Opportunities Fourth, by seizing opportunities, economic diplomacy is conducive to extending the period of strategic opportunity. Example Since 2008, the global financial crisis and the subsequent European and US sovereign debt crises made the trend evident that the West is declining and the East is the ascendancy.
  18. 18. Case study of Economic diplomacy
  19. 19. Economic Diplomacy: A Case Study  As a concept, economic diplomacy was introduced by Japanese  US advocated economic diplomacy late but applied a carrot and stick policy  Chinese however started paying attention in the early 1990’s
  20. 20. China economic diplomacy: Early Days • Internal revolution • Restructuring of society under Mao’s leadership • Little contact with the rest of the world, travel restrictions
  21. 21. Rise of economy in China  Between 2000 and 2009, China experienced strong economic growth, averaging 10% a year  Jiang Zemin changed the style of diplomacy to a "harmonious world"  Americans are increasingly disturbed by the growing economic clout of China
  22. 22. China and the US Both share common interest in: – strong and open global economy, – inclusive growth and sustainable development – stable international financial system US welcomes China playing active role in: – taking on due responsibility for the international financial architecture – in bilateral cooperation to address global economic challenges
  23. 23. strengthen economic diplomacy
  24. 24. How to strengthen economic diplomacy? First, in terms of institutional framework Second, in terms of setting goals Third, in terms of institutional platforms Fourth, we should further strengthen the economic functions of institutions stationed overseas.
  25. 25.  Fifth, in terms of team building  Sixth, we should further promote diversified participation.  Seventh, in terms of theoretical study, we should further speed up disciplinary construction
  26. 26. conclusion  Economic diplomacy was present from its origin in fore ign policy. It is the predominant mechanism of fruitful a chievement of the trade and economic relations based on the bilateral and multilateral levels.
  27. 27.  It is an instrument for development of effective cooperation between the countries and regions at the global level.  The role of economical diplomacy is irreplaceable in th is process. Our life is full of infinite opportunities.
  28. 28. Reference  https://books.google.com.pk/books? id=gK_OQZDgskAC&printsec=frontcover&source=gbs_ge_summary_ r&cad=0#v=onepage&q&f=false  https://books.google.com.pk/books? id=zHl1LUZUcu0C&printsec=frontcover&dq=economic+diplomacy+an d+politics+book&hl=en&sa=X&redir_esc=y#v=onepage&q&f=false  https://books.google.com.pk/books? id=nz8qSLutxUoC&printsec=frontcover&dq=economic+diplomacy+an d+politics+book&hl=en&sa=X&redir_esc=y#v=onepage&q=economic %20diplomacy%20and%20politics%20book&f=false  http://www.dec.lv/mi/Baranay_Pavol_engl.pdf

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