DEVELOPMENT OF ECONOMIC DIPLOMACY OF UKRAINE IN THE CONTEXT OF MODERN CHALLENGES OF INTERNATIONAL ECONOMIC RELATIONS

Abstract

Nowadays, economic diplomacy is a very important component of modern international relations in different countries, so each state aims to defend and protect its own economic interests. Nevertheless, this requires diplomatic representation in the economic sphere, however some developed countries demonstrate a certain "economic nationalism" in their international economic relations with other countries, that is characterized using all known economic and legal instruments to increase their influence in various segments of international markets. In such circumstances, Ukraine needs to intensify the use of economic diplomacy, which is an effective tool for protecting national interests and strengthening its competitiveness in international relations. The article is devoted to the study of potential ways of developing economic diplomacy in Ukraine and propositions of its practical implementation in the context of modern challenges caused by globalization. The paper presents a study of the theoretical foundations of using economic diplomacy to strengthen the country's economic position. Furthermore, the study investigates Ukraine's foreign economic activity and the role of economic diplomacy as an instrument of influence. Outlining the shortcomings and issues in Ukraine's economic diplomacy, this article proposes viable solutions and methods to overcome them, aimed at stimulating development in essential areas and industries. The results of the survey are relevant for the development of state strategies for Ukraine's economic diplomacy in the foreign economic sphere and international economic relations. Besides, it also provides valuable information for businesses and enterprises to analyse current economic trends.