economic diplomacy – high priority challenge for bosnia and herzegovina
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DESCRIPTION
Resolving economic issues in international relations has become an inherent part of diplomatic theory and practice. Increased globalisation and trade liberalisation led to fierce competition on domestic and foreign markets. Consequently, countries which have not embraced the concept of economic diplomacy cannot have a proactive role in relations with other countries and they become objects of economic diplomacy of other countries. In the post-war period, time of aid receiving and partial rebuilding in the country, development of a strong concept of economic diplomacy emerged as the highest priority in the foreign policy of Bosnia and Herzegovina. The concept of economic diplomacy of Bosnia and Herzegovina has not yielded satisfactory results, which is best manifested in the large trade deficit. In order for the concept of economic diplomacy of Bosnia and Herzegovina to be more efficient, it is necessary to undertake permanent activities and apply the tools of economic diplomacy that are developed in a manner suitable to the given time and place. Despite numerous difficulties associated with the concept of economic diplomacy in Bosnia and Herzegovina, it is, nonetheless, taking a clear shape and has a real chance to develop into an effective leverage that will enhance the growth of the domestic economy.