Economic Diplomacy as a Kind of Diplomatic Activities

Abstract

The article analyses economic diplomacy through the prism of modern Russian-German relations. Russia and Germany are the two largest countries in Europe. Their bilateral relations have the appropriate weight and importance. The concept of “economic diplomacy” does not have a strictly scientific definition, despite the fact it has long been used in the practice of regulating modern international economic relations. Together, bilateral and multilateral economic diplomacy form an effective mechanism for managing global processes, both in the interests of individual countries and the world community as a whole. It is economic diplomacy that allows us to balance the results of world economic development for national economies, groups of states and entire regions, without leading to a crisis of interstate institutions, regional associations and the escalation of trade and economic conflicts. At the same time, economic diplomacy, based on significant financial, organisational, information and other resources of the state, can become — in the case of ill-considered, impulsive use — a negative factor for the world economy, violating its integrity and established sustainable interdependence. Therefore, the most important task of modern economic diplomacy is the effective integration of national interests into the overall context of sustainable development of the regional and global economy.