Public Diplomacy As A Tool For Settlement Of International Social And Economic Disputes

Subject of the study. The problems of economic diplomacy are constantly in the focus of researchers' attention, especially in recent years, when the challenges of the globalisation era have significantly changed the rules of interaction in international relations: limiting the possibilities of classical diplomacy within the Westphalian system, allowing new actors (multinational corporations, non-governmental organisations) to enter the diplomatic field, introducing advanced forms of diplomatic communication, etc. These innovations have led to significant changes in the field of economic diplomacy, as the economic aspects of international relations have become crucial in the process of economic competition in the modern world. Hence, the purpose of this paper is to provide an in-depth study of the theoretical and applied aspects of modern instruments of diplomatic influence as a system of mechanisms for interstate regulation of the world economy, which belongs to the sphere of foreign policy and is, by its very nature, one of the main and most effective means of settling international socio-economic disputes. Since the term "diplomacy" is most often used: 1) in the sense of state activity in the sphere of foreign relations; 2) as a set of institutions and persons engaged in state activity in the sphere of foreign relations; 3) to define the profession of a diplomat. Traditionally, some of the main methods of diplomatic activity are: negotiations, conclusion of bilateral (multilateral) agreements, opening of representative offices of one state in another, etc. Methods of implementing diplomacy are defined as appropriate levers of influence on governments, diplomatic representatives and other persons of foreign states, using and applying the world's effective diplomatic experience of conducting business relations of states to achieve its objectives. Currently, economic diplomacy is an important catalyst for economic progress not only in individual countries but also in the global economy, an integral element of foreign policy to improve international competitiveness, investment and tourist attractiveness of the country, increase its foreign trade activity, open new production facilities and create new jobs. Undoubtedly, the role of economic diplomacy is obvious for countries with a high level of investment and trade activity, for SMEs trying to enter the markets of other countries, and for multinational companies that are strengthening their presence in the world. Conclusion. The current development of multilateral economic diplomacy is shaped by the following trends: expansion of the mandate of leading multilateral organisations and forums beyond the scope of traditionally discussed issues (in recent years, the OECD has been discussing non-traditional aspects such as environmental and food security, population ageing, fighting corruption, etc.); increasing the number of participants in the global economy and expanding the scope of regulation within international organisations necessitates reforming the institutions of multilateral economic diplomacy (the WTO has developed a document "The Future of the WTO" containing proposals for organisational reform); multilateral economic diplomacy has become open and public (many developed countries often make proposals addressed to the entire world community (especially on global issues of economic, social and environmental development)); interaction of various organisations and forums is increasing (the WTO cooperates with the IMF, the World Bank, the UN, UNCTAD, etc.); increase in the level of publicity and transparency of multilateral diplomacy (openness to the media, prompt posting of information on the official websites of international organisations). Despite the fact that multilateral economic diplomacy has many problems, it can be argued that bilateral and multilateral economic diplomacy forms an effective mechanism for managing global economic processes in the interests of individual countries and the global community as a whole.

Svitlana Naumkina & Oleksii Kokoriev & Svitlana Dmytrashko, 2023. "Public Diplomacy As A Tool For Settlement Of International Social And Economic Disputes," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 9(5).

Handle: RePEc:bal:journl:2256-0742:2023:9:5:21
DOI: 10.30525/2256-0742/2023-9-5-176-185

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