Economic Diplomacy refers to the use of diplomatic efforts to promote a country's economic interests abroad. This can involve negotiating trade agreements, attracting foreign investment, and fostering economic cooperation between nations. By leveraging diplomatic channels, countries aim to enhance their economic standing and create opportunities for their businesses.
In practice, Economic Diplomacy encompasses a range of activities, including participation in international trade forums and bilateral negotiations. It plays a crucial role in shaping global economic policies and can significantly impact a nation's economic growth and stability. Successful Economic Diplomacy can lead to increased trade, investment, and overall prosperity for a country.