Economic diplomacy is concerned with anticipating and influencing the outcomes of future economic policy (trade, investment, etc.) regimes of other countries. This requires a need for better understanding of the working of market forces in different countries in the given but dynamic global economic environment. The process of continuous engagement through economic diplomacy helps a country in advancing its economic interests and, equally importantly, those of its partners.
The tools of economic diplomacy include:
- Negotiating ability
- Operational documents
- Public and private engagement and productive interaction
- Analytical skills (especially in the fields of economics, politics, law and social relations) and access to technical resources
- Coalition building
It needs to be acknowledged that negotiating without preparing reasonably symmetrical concessions and without considering trade-offs does not work. Furthermore, in many countries international negotiations are often at substantial variance with the way the domestic economy is actually run, creating obvious problems.
Many developing countries including India are facing in the context of international negotiations and the imperative for an effective negotiating strategy. National economic success in today’s world depends crucially on the skill of negotiators in forging effective and beneficial economic relationships/partnerships. Learning new skills and acquiring new knowledge is no longer just desirable; it has become an absolute necessity. Over the years, Indian negotiators have acquired new skills and knowledge on economic diplomacy. CUTS has over the years drawn from this experience and designed state of the art training programmes to transfer these skills and experiences.
Given this background, CUTS international will conduct a series of programmes for next two years to import a variety of skills on economic diplomacy for capacity building of government officials/diplomats, private sector and civil society in India.
- The directional objective is to meet the imperative of having trained government officials, private sector and civil society at various levels who are involved in economic diplomacy and related matters
- The development objective is to ensure coherence between India’s domestic economic policies on the one hand and its present international commitments and future economic opportunities on the other
- The programme objective is to develop/strengthen the capacity of relevant government officials and representatives of the private sector and civil society in economic (particularly trade and investment) diplomacy relating to bilateral, regional and multilateral negotiations.
The methodology will provide strategic understanding, develop core skills and encourage in-depth knowledge of the dynamics involved in commercial diplomacy.