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  • Category: Competition Entries

    Increasing impact of economic diplomacy

    Economic diplomacy has emerged as an important element on the global stage at the present time. Due to the impact of globalization, the importance of economic elements in place of political elements in foreign policy has increased immensely.

    There used to be exchange of goods, capital and individuals between the nations even before, but under globalization both the intensity and frequency of this exchange has increased. While privatization is accompanied by increasing scope and participation of the private sector in economic processes, under liberalization, the state control in the economic sector is relaxed or eliminated.

    This does not mean that economic diplomacy did not exist before it But earlier economic diplomacy followed political diplomacy, now economic diplomacy has gained prominence. This fact can be proved by the content of bilateral and multilateral relations between nations

    The second important means of economic diplomacy is investment. Although capital investment has been a means of economic diplomacy in the past, but in the era of globalization, capital investment has been liberalized by nations. Therefore, both government and private capital investment is increasing rapidly. The third important tool is development assistance.
    Technological transfers are also a major means of economic diplomacy.

    (This is my entry for the TOW topic : Diplomacy )
  • #705633
    A good narration from the author. Globalisation has brought in many changes in the entire world. This is changed the financial scenario of many countries including our country. Exports and imports are increased. During my childhood, foreign goods are smuggled and sold by people secretly. But now there is no necessity. We are seeing many foreign products on the open market and this is given chance for the government to get more funds in the form of taxes. As mentioned by the author the economic diplomacy has definitely a greater impact.
    drrao
    always confident

  • #705673
    With globalisation and liberalisation in the economy the whole world is going towards a common market scenario and something being produced in one part of the globe is quickly available in some other remote part at a reasonable rate. This has been basically possible due to lowering of the trade barriers between the countries and reduction of the import duties also considerably. So far so good but this is creating a new problem as some smart and laborious countries are manufacturing goods at a very cheaper rate as they have sufficient and efficient manpower to do that and then they have captured the markets on a global scale and the industries and manufacturing units in other countries are suffering.
    Knowledge is power.

  • #705707
    As mentioned that economic diplomacy is taking prominence globally which is reflected through the trade and investments of nations. Though it was even followed earlier with globalisation and trade relations with other countries, it is growing and emerging in both political and economic growth. With new foreign, trade and investment policies, the bonding between the two countries has helped many nations to get huge investments and help in their economic development. All three points showcased in the write-up helps the content and stand valid. The liberalization i.e. participation of the private sector in economic processes, investment from both government and private capital and development assistance through technology is helping every nation to increase their economic stand and help in their development.
    “The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz


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