THE IMPACT OF ECONOMIC DIPLOMACY ON INTERNATIONAL RELATIONS

Abstract

Economic diplomacy as we know it today belongs to the younger types of this activity, although the first international agreements were concluded for the purpose of trade, contributing to the peaceful resolution of disputes and, indirectly, peace and security in the world. The importance of economic diplomacy was recognized by the most developed countries of the world in the mid-20th century and they paid special attention to the selection of personnel. The specificity of this field is that it includes diplomacy and international law and international trade, as well as various actors (states, companies, local communities, non-governmental organizations). After World War II, a large number of international organizations were founded with the aim of maintaining international peace and security. With the development of new technologies that enable rapid money transfers and the globalization of the world market in recent decades, there has been a noticeable increase in organizations that have an economic character and are created with the aim of helping countries in certain regions or universally, in order to free themselves from the dominance of traditional powers and international institutions. The aim of the research is to determine and present the impact and significance that contemporary economic diplomacy has on changing relations between states, as it influences the existing rules in international relations. For this purpose, the methods of content analysis, historical and comparative methods, and induction and deduction methods were used. The results of the research show that the impact of economic diplomacy on international relations is great and that many states use specific means of economic diplomacy to achieve their political goals. After conducting the research, the conclusion is that the Republic of Serbia should pay attention to the development of economic diplomacy in order to more successfully protect its interests in multilateral diplomacy and international relations.