DOI: 10.21637/GT.2016.1.03.

Economic Diplomacy and the Role of Diplomatic Missions Nowadays


This article analyses the potential role of diplomatic missions as a specific kind of foreign affairs state bodies in the pursuit of economic diplomacy that is considered to be a set of activities aimed at promoting foreign economic interests of state by peaceful means. It is believed that the diplomatic missions are one of the key actors of economic diplomacy at present. They play an important or even a vital role in implementing a number of diplomatic functions, particularly the promotion of trade and investment, providing political support to businesses abroad as well as shaping economic legislation. The added value of diplomatic missions as actors of economic diplomacy lies in their ability to provide entrepreneur sector with useful information on business and investment opportunities abroad, which is especially useful for small and medium enterprises, or to provide political support to businesses in foreign countries, which is in some countries and/or in some cases a prerequisite for companies to succeed.

KEYWORDS: economic diplomacy, diplomatic missions, foreign trade promotion, foreign direct investment promotion, political lobbying, negotiation of international treaties
JEL Codes: H110, H770

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