What is economic diplomacy Essay Example | Topics and Well Written Essays - 750 words

What is economic diplomacy - Essay Example on the part of the countries to negotiate the right course of action which is required for the economic as well as the trade activities and processes for the different players present in the market or the industry for that matter. These could include the tactics which are there for the short term aimed as making alliances and mergers and the strategic shifts towards social development with the help of growth and cooperation hand in hand. The international political and economic relations between different states and countries has promoted as well as saved the varied interests of these nations when it comes to the relevant discussion regarding the economic diplomacy. The superpowers of the world are focusing their attention on the well being of their respective economies whereby the production levels in these countries in relation to different goods and the provision of services has increased and got better in the years that have passed by. There is so much competition that a nation cannot stay at a place for a considerable period of time and it needs to evolve and change its direction every now and then. Economic diplomacy ensures that the countries remain on their toes to the ever changing market conditions and remain attentive to the industrial amendments which happen from time to time. Thus the countries carry out their external economic relations with the help of the tool that we call as the economic diplomacy. This is not a new phenomenon in the related contexts but surely one which will stick on for years to come in the field of economic development and prosperity of nations. The changing role of the nations in the wake of their joining different alliances and treaties like NAFTA, WTO, EU, ASEAN and the like suggests that there is constant upheaval on the domestic and international front and that the diplomatic activities will continue to suffice in the times to come. Economic diplomacy takes care of the factors which include aid, trade, reduction in