Economic Diplomacy and International Trade

Abstract

In the following paper economic diplomacy and international trade are analyzed. The authors examine the basic components of economic diplomacy, its tools, objectives, and strategy. The article also overviews the transformation of the international trade agenda and the impact of globalization on trade policy. Multilateral initiatives in the framework of the WTO, free trade, and open market are viewed as drivers in the long run. However, against the backdrop of globalization and pandemic, economic diplomacy remains a challenge. The authors suggest the WTO elaborate agenda and start procedural actions that would set the countries' economic, trade, and investment policies in alignment with their foreign and domestic policies to address the backlash against all-embracing globalization. It is concluded that successful economic diplomacy should be grounded on a rules-based multilateral system, norms, and standards, broader foreign policy aims, bilateral and multilateral agreements, greater transparency, as well as a pluralistic approach to global rules to strengthen the multilateral trade system.

Keywords

• European Union
• General Agreement on Tariffs and Trade
• Organization for Economic Cooperation and Development
• World Trade Organization
• World Customs Organization.
• European Union, General Agreement on Tariffs and Trade, Organization for Economic Cooperation and Development, World Trade Organization, World Customs Organization.

Economic Diplomacy and International Trade

Abstract

In the following paper economic diplomacy and international trade are analyzed. The authors examine the basic components of economic diplomacy, its tools, objectives, and strategy. The article also overviews the transformation of the international trade agenda and the impact of globalization on trade policy. Multilateral initiatives in the framework of the WTO, free trade, and open market are viewed as drivers in the long run. However, against the backdrop of globalization and pandemic, economic diplomacy remains a challenge. The authors suggest the WTO elaborate agenda and start procedural actions that would set the countries' economic, trade, and investment policies in alignment with their foreign and domestic policies to address the backlash against all-embracing globalization. It is concluded that successful economic diplomacy should be grounded on a rules-based multilateral system, norms, and standards, broader foreign policy aims, bilateral and multilateral agreements, greater transparency, as well as a pluralistic approach to global rules to strengthen the multilateral trade system.

Keywords

• European Union
• General Agreement on Tariffs and Trade
• Organization for Economic Cooperation and Development
• World Trade Organization
• World Customs Organization.
• European Union, General Agreement on Tariffs and Trade, Organization for Economic Cooperation and Development, World Trade Organization, World Customs Organization.

References

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