The Role of Economic Diplomacy in Shaping Global Trade Agreements: A Review of the Literature
DOI:
https://doi.org/10.23918/ejmss.V6i2p11Keywords:
Diplomacy, Economic, WTO, GATT, PTA, Diplomacy, Economic, WTO, GATT, PTA, Global tradeAbstract
Economic diplomacy is shaping up as an important tool of state foreign policy, with its relative importance increasing along with the deepening of globalization and interdependence of the international system. With interlinked state interests, one can hardly overestimate the role economic diplomacy will play in shaping the pattern of global trade agreements and promoting state interests. This article explores the relevance of economic diplomacy in negotiations and sees what impact it has on reaching state objectives. Based on this, the study employs a qualitative library-based research approach, which will involve a wide range of secondary sources of data. The objectives of the research involve some analysis and identification of strategies of economic diplomacy, assessing the outcomes on global trade, and international agreements. This paper underlines how economic diplomacy brings prosperity and stability in the various relationships that mark the modern international system.
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