The importance of economic diplomacy in the context of globalization
The importance of economic diplomacy in the context of globalization

Summary/Abstract: In the context of the globalized economic system, the states should be focused on the internationally promotion of their economic interests and therefore have also to reorganize their economic diplomacy and to create a better partnership for the trade promotion. In this international framework, the role of economic diplomacy is not just to attract foreign investments and to develop commercial relationships between states and corporations, but also to maintain a stable and favorable business environment. Without a better organized economic diplomacy is difficult for a state to promote globally its businesses. The goal of this paper is to describe the structure and evolution of economic diplomacy in the context of globalization and also to present the similarities and differences between economic and commercial diplomacy. We compare different theoretical approaches on economic diplomacy and on the globalization development. The conclusions suggest that economic diplomacy creates the foundations of the nowadays globalized economic relations between countries, groups of countries and corporations in order to promote new businesses and to increase the trade integration. With this writing work we intend to bring our contribution into the development of economic diplomacy analyses by presenting the theoretical background of economic diplomacy with examples of economic diplomacies of Canada, Australia, China and United States of America, summarizing the impact of economic diplomacy for the future globalized economic cooperation of different states or economic powers.

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