The importance of economic diplomacy in the further development of the EU

Abstract

Economic diplomacy has an important position within the European Union. This is young discipline in foreign economic relations. In the world, we can see the development of economic diplomacy for about 50 years. To describe the management of economic diplomacy, we can observe three basic models, a unified model, dual model and model of a shared agency. Within these models we monitor different uses of national and international institutions. Economic diplomacy solves a variety of topical issues, always within the competence of the institutions. For the needs of economic diplomacy, the European Union has many specific institutions where the most important is the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW). In order to strengthen economic diplomacy, the Single Market refers to the EU as one territory without any internal borders or other regulatory obstacles to the free movement of goods and services. The current situation in a simple European Union is influenced by the process of the UK's withdrawal from the EU. The White Paper on the Future of Europe is a response to changes in the European Union and is very important for further development within the economic diplomacy.