Reality Of Economic Diplomacy

Economic diplomacy encompasses a wide range of initiatives aimed at economic benefits for a nation leveraging international goodwill cultivated by its diplomats through years. Effective economic diplomacy plays vital role by fostering trade, attracting investment, showcasing countries' strength and building bridges of cooperation. Not all the nations in the world are in the same level of development, nor do they share identical sets of natural resources. The Gulf nations possess a reserve of huge petroleum and gas resources, South Africa is rich in precious metals and diamonds, China boasts of a massive industrial base and many South Asian countries including Nepal are endowed with fertile soil and abundance of water resources.