Economic Diplomacy for Development Partnership

Abstract

The turn of events after the end of the Cold War called for revisiting traditional approaches to foreign policy. Shift in the world order triggered by enhanced economic activities in the national, regional and international markets has increased the need for coordinated economic diplomacy. Nepal, after the restoration of democracy in 1990, attempted to institutionalise and practise economic diplomacy through the Ministry of Foreign Affairs and its overseas missions. Exploring the leading features of economic diplomacy, this study revisits the economic diplomacy experiences of Nepal. Underscoring how a country’s development success, in the globalised era, depends on the application of new skills and tactfulness in the conduct of relations by the lead ministry in the government, this paper internalises the importance of more competent and robust strategies to enhance the spirit of coordinated economic diplomacy. Hypothesising that Nepal has huge potential for development and economic growth, and prospects to conduct coordinated economic diplomacy, the study recommends strategies to strengthen coordinated economic diplomacy as a tool to advance Nepal’s economic, political and strategic interests.

Model of Global HR Development and Green Economy Diplomacy: Strengthening Global Environmental Governance in Indonesia

“…An economic diplomacy is a diplomatic approach that involves negotiation, cooperation, and setting economic relations between countries (Shrestha, 2021). Economic diplomacy promotes national economic interests, increases international trade, and facilitates cross-border investment (Okano-Heijmans & Asano, 2018).…”

“…Economic diplomacy tends to focus on national economic and trade interests rather than adequately considering environmental aspects. This deficiency can lead to more attention to the negative environmental impacts arising from economic activities (Shrestha, 2021). On the other hand, a green economy (environment) focuses on sustainable and environmentally friendly economic growth.…”

Economic Diplomacy and Its Impact on Nepalese Economy

“…However, the interconnections are crucial in pursuing what may be called total diplomacy. Shrestha (2021) remarked that it has potential for development and economic growth, which prospects for conducting coordinated economic diplomacy. The study identified that the main focus of economic diplomacy should be on trade promotion, investments, technology transfer and tourism.…”

A Larger Perspective on Nepal’s Transitional Strategy to Graduate from Less Developing Countries (LDC) to Developing Country (DC)

“…. Previous, LDC graduates have faced similar challenges more specifically, Maldives, Cape Verde, and Samoa were successful to negotiate with the EU for further extension of the EU's Everything but Arms (EVA) trade preferences(Shrestha, 2021). Nepal must follow the path of other graduates and bilaterally approach this issue with…”