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No nation was ever ruined by No nation was ever ruined by tradetradeINDIAN ECONOMIC D IPLOMACY THEORY AND PRACTICE
AMBSSADOR RAJENDRA ABHYANKAR AT I IM SHILLONG JULY 10,2015
- Benjamin Franklin
Overview Definitions: Bilateral, Regional,
International
International Organizations/Groups dealing with economic matters
India’s economic interests and tools at its disposal
Examples of successes and losses in economic diplomacy
Defining Economic Diplomacy
Definition: Economic diplomacy includes all external economic activities, including but not limited to export, import, investment,
lending, aid, free trade agreements, etc.Tools: Economic diplomacy is the use of the full spectrum
economic tools of the state to achieve its national interest. What are there tools?
What does it involve for a diplomat?
Defining Economic DiplomacyHistory of Economic Diplomacy
India’s economic reform process changing of goals from self-sufficiency and import-substitution to
export promotion
Areas: goods, services, investment, professionals
Participants: government, non-governmental , corporate and NGO’s
BILATERALMerchandise Trade : FTA’s and PTA’sServices: CIT, Financial other- start-ups outsourcingProfessionals ‘movement of natural persons’ migration,level playing field
REGIONALSAARCASEANMGCINDIA-EUBRICSIBSA
MULTILATERALWTO/GATTUNCTADG-20
World Trade Organization (WTO)Created in January 1995 succeeded the former GATT
Secretariat ( 1948)
159 countries are members
Goals/Duties Administer WTO trade agreements Assist/encourage trade negotiations and handle trade disputes Monitor national trade policies Provide technical assistance and training for developing countries Maintain communications and cooperation with other international organizations Tariff Negotiation Rounds: Kennedy Round, Uruguay Round, Doha Round India’s interests
Bretton Woods Agreement
Met in New Hampshire in July 1944
Fueled by the lack of international trade during the Great Depression and effects of WWII
Created: International Bank for Reconstruction and Development (IBRD) (now The
World Bank)Focuses on worldwide development/poverty alleviation
International Monetary Fund (IMF)Oversees the international monetary exchange and provides monetary aid to developing countries
System collapsed around 1971, but IMF and World Bank still influential in economic diplomacy today.
New Initiatives: G-20; BRICS Bank,Chinese-sponsored IIIB
The World Bank and International Monetary Fund (IMF)
Organization of Petroleum Exporting Countries (OPEC)/OAPEC
Created at the Baghdad Conference on September 1960
Purpose was to create coordination among oil producers in the Middle East Made up of 12 members Raises and lowers production amounts to maintain prices of oil
Now represents the one of the most well-known cartels
Oil Diplomacy : India’s current policy and imports of oil and gas
Central Asia, Sudan, Russia, Iraq, Iran
Recent examplesEU- INDIA RELATIONSHIPINDIA-ASEAN OIL PROJECTS : GOVERNMENT,CORPORATECASES OF ADVOCACY: grinding electrodes in Germany, other M & A in Europe, and ASEAN (Indonesia)
http://www.history.com/topics/suez-crisis
http://www.oecd.org/about/history/
http://www.imf.org/external/about/histcoop.htm
http://www.worldbank.org/en/about/history
http://www.econlib.org/library/Enc/OPEC.html
http://www.opec.org/opec_web/en/about_us/24.htm
http://www.theguardian.com/world/1999/mar/05/eu.wto3
http://www.iucat.iu.edu/catalog/12650307
http://www.bbc.co.uk/news/business-20263308
http://www.wto.org/english/thewto_e/whatis_e/whatis_e.htm
http://www.gmanetwork.com/news/story/345051/economy/opinion/china-s-bullying-economic-diplomacy-may-backfire-say-experts
http://www.theguardian.com/world/1999/mar/05/eu.wto3
http://www.bbc.co.uk/news/business-20263308
http://edition.cnn.com/2013/12/13/business/ukraine-protests-explainer/index.html?hpt=hp_t2
http://www.clingendael.nl/sites/default/files/20030100_cli_paper_dip_issue84.pdf.
http://www.britannica.com/EBchecked/topic/454413/OPEC/233528/History
http://www.ft.com/intl/cms/s/0/778739c4-f869-11db-a940-000b5df10621.html#axzz2rENpFQh9
Photos:
http://content.time.com/time/business/article/0,8599,1852254,00.html
http://informacionlibre2000.wordpress.com/2012/10/13/gloriosa-victoria-el-polemico-mural-de-diego-rivera-para-guatemala
http://www.opec.org/opec_web/en/about_us/24.htm
http://www.gcpr.net/tops-and-flops-in-international-pr-wrap-up/
http://purevisibility.com/blog/seo/international-seo-infographic/
http://www.wto.org/english/res_e/photo_gallery_e/photo_gallery_e.htm
http://en.wikipedia.org/wiki/Panama_Canal_locks
http://www.nytimes.com/2008/03/02/books/review/Kurtz-Phelan-t.html?_r=0
Resources