ECONOMIC DIPLOMACY

ECONOMIC DIPLOMACY

Introduction

Economic diplomacy glories the utilization of economic tools to conduct international negotiations with foreign traders for a more integrated approach of the business.  Samsung is planning to maintain economic diplomacy in its foreign affairs. The economic diplomacy of Samsung for the Expo2020 will be discussed in the study with all its possible aspects. Currently, the strategy is utilized to maintain high integrity in foreign negotiation to attain the international market more efficiently. Economic diplomacy is presently being used by the policymakers of Samsung to conduct business negotiations with foreign delegates. The economic diplomacy generally focuses on negotiations and counter negotiations regarding international affairs. The governments of both countries play the role of communicating cord between the two business entities. Economic diplomacy will be used as conflict negotiation techniques between Samsung and other business organizations to improve the existing standard of business in the UAE.  Both the business entities come at a certain point of negotiation during their business dealings. The entire study has evaluated all the absolute possibilities of economic diplomacy to maintain the ethical structure of international negotiations. Expo2020 will be even where the negotiation will be arranged between Samsung and business entities. Several recommendations regarding the talks will be conveyed in the study, followed by a conclusion.

Importance of economic diplomacy for the UAE of Samsung

Economic diplomacy is a useful step for business organizations to maintain a steady relationship with foreign diplomats.  Samsung is facing severe business issues in the UAE. The policymakers of Samsung has planned to negotiate their business with international business diplomats in the Expo2020 event. The aims and objectives of the diplomats are to retain a win-win situation during the business negotiation (Plouffe & van der Sterren, 2016).  The negotiation can be an effective platform for business organizations to discuss various business policies with the business delegates of foreign countries. Samsung needs to understand its requirements from the overseas market before coming into any international negotiation with diplomatic representatives (Okano-Heijmans, 2014). It can be helpful for the company to establish its demand to form the overseas market.

The breaking of country barriers through negotiation is the ultimate aim of economic diplomacy. It can be an essential way for the diplomats of Samsung to expand its market base across the globe, keeping coordination with the foreign traders. Cross-border business negotiation is highly prioritized in economic diplomacy to sustain in the highly competitive market (Kerr & Wiseman, 2017). Trade agreements and diplomatic relations with foreign business entities should be the motif of Samsung while going for negotiation in Expo2020. Samsung should plan to expand its marketing base by communicating with external suppliers, trade partners, and local service level users. Thus, economic diplomacy should be the most effective way for Samsung to negotiate with international traders and suppliers. The excelling of the process of economic diplomacy depends on maintaining and understanding the opinions and viewpoints of foreign traders (Moons & van Bergeijk, 2017). Two-level game theory can be used in the economic diplomacy concept to conduct external negotiation in a more efficient manner (Chai et al., 2014). The government signals the agreement between foreign entities to promote the legal aspects of trade agreements. Various trade networks are required to maintain the economic diplomacy more efficiently. Thus, the development of trade agreements depends on Samsung’s efficiency to address the local trade networks. Apart from that, three pragmatic reasons are associated with the economic diplomacy of Samsung. First of all, government signaling is essential to maintain a legal aspect in the trade negotiation between Samsung and the foreign countries in Expo2020 (Allee & Elsig, 2019).  Secondly, the trade cooperation between Samsung and international business organizations must maintain legal terms of business for a more integrated diplomatic form of marketing.  Thirdly, economic diplomacy cam secures a smooth trade relationship between the host country and home country in the Expo2020. Hence, the promotion of economic diplomacy can be evaluated using the two-level game theory to enhance negotiation capability (Chai et al., 2014).

Two-level game theory is a useful initiative which brings the international diplomats to come in for negotiation.  Samsung has adopted the two-level game theory to analyze its efficiency to negotiate with international business delegates (Chai et al., 2014). A proper understanding of the ways of negotiations is mainly required to ensure the success factors of bargaining during the Expo2020. Two-level game theory can help Samsung to clarify its understanding of all the critical areas of negotiations (Moomaw et al., 2017). A proper negotiation needs proper listening power, communication capability, efficiency to understand all other points of views and a respectful attitude towards the opinions of other diplomats. Listening capacity is essential in understanding economic and diplomatic negotiations. It helps to the diplomats to be concentrated and concerned about what other diplomats are trying to say. It is the most effective way to strategies for the prospects of diplomatic conversation.

On the other hand, communication is an essential part of economic diplomacy (Moomaw et al., 2017). Diplomats of Samsung need to communicate with the foreign delegates to place their ideas and opinions over others. Both verbal and nonverbal communication skill is essential to express views and opinions. The verbal communication skill enables the foreign diplomats to exchange verbal ideas in written or oral form (Zhang, 2016). It is the easiest way of expressing ideas which can clarify the actual requirements.

On the other hand, nonverbal communication skills can be essential for the diplomats of Samsung to express their opinions through facial expressions and body language. The nonverbal communication skill is a crucial step to convince the diplomats who are from different socio-cultural and linguistic backgrounds. A proper understanding of both professions is the most valuable aspect of exchanging sensitive information between the two business entities (Sowerby, 2016).

Apart from understanding various forms of the communication process, efficiency to understand the point of view of other diplomats is required to form a constant negotiation. Eco nomic diplomacy generally depends on a bunch of continuous talks (Zhang, 2016). Thus, the diplomats of Samsung need to value the opinions of others. The company can do it by listening to each of their negotiating points with a concentrated attitude. It can be helpful for them to evaluate the strategies of others to develop their plans according to the policy of others. The expo2020 can be an effective platform for Samsung to show its zeal to negotiate with the foreign diplomats to ensure justice through economic, diplomatic attitude (Sowerby, 2016). Respecting points of view of others relate the listening power. Having a good listening power adds the additional advantage of listening to the opinions of others. A proper negotiation can be fruitful with a useful negotiating capability. A respectful attitude towards the views of other diplomats can be helpful for Samsung to stay in a more advantageous position during the negotiation. It helps to find out a proper resolution of negotiating conflicts.

Conflict negotiation skill is a valuable skill that nullifies the issues related to the different kinds of opinions. The two-level game theory cam is impactful here to reduce the conflict with a proper application of conflict resolution skills (Allee & Elsig, 2019). Conflict resolution skill is a beneficial approach to economic diplomacy to balances different kinds of opinions. Costly procedures of conflict resolution skills are- maintaining a steady relationship with foreign diplomats, exchanging relevant information to reduce the informational gap and balancing different kinds of views through a constant communication skill (Kerr & Wiseman, 2017).

Maintaining a steady relationship with foreign diplomats is an essential conflict negotiation skill to ensure the success factors of economic diplomacy. Samsung can develop its ties with international delegates within a practical approach to negotiating capability. Moreover, a steady relationship with foreign diplomats can also be established with a  more integrated approach of developing understanding between each other. A particular point of negotiating should be selected by both the negotiating parties to improve the relationship for maintaining economic diplomacy (Kerr & Wiseman, 2017). On the other hand, the exchange of organizational information can also be a valuable approach to maintain economic diplomacy.

The exchange of organizational information is integrated economic diplomacy through negotiating capability. The report includes trade information, suppliers’ information, legal information, policy information, human resource information, and financial information. Thus, it is essential to exchange information among the diplomats so that all the policymakers acknowledge facts associated with economic diplomacy (Baccini Dür & Elsig, 2015). The politicians of Samsung needs to exchange information with foreign diplomats to ensure the reliability of their policy intention. The security of data can help develop a healthy relationship with international delegates that can promote the efficiency of economic diplomacy during the expo2020 (Sowerby, 2016).  Improvement of diplomatic skills can also improve the efficiency of economic diplomacy.

Diplomatic skills include welcoming exchange of ideas and opinions, establishing their point of view without affecting views of others, and efficiency to address a solution to every single conflict. The diplomats of Samsung should be more affluent in the diplomatic skill and policy to discuss all the requirements of foreign clients (Lakatos & Ohnsorge, 2017). Addressing all the elements of clients can be beneficial for the strategy-making of Samsung company. Thus, the company needs to address all the issues of foreign delegates along with an ability an agile to establish their own opinion. Accordingly, the organization can arrange a training session to improve negotiation skills with foreign diplomats. The training session should evaluate and inform all the necessary points to the diplomats to enhance their diplomatic skills, which can help the diplomats of Samsung during Expo2020 (Lakatos & Ohnsorge, 2017). The importance of diplomatic skills are-enhances communication capability improves the capacity of retaining a healthy relationship with foreign traders, suppliers, and customers and helps to expand the market base.

The economic diplomacy is an updated concept which is used by the foreign traders to promote diplomatic attitude. Moreover, it improves the trade relationship with the international business delegates with proper negotiation, diplomatic capability, and efficiency in communicating the diplomats and ambassadors (Kerr & Wiseman, 2017).  Hence, an appropriate diplomatic skill is required to communicate with all the diplomats in the expo2020. Samsung needs to improve its mental ability keeping eyes on the expo2020.  A proper improvement of negotiation skills is one of the most significant ways of encouraging economic diplomacy in an appropriate manner.

Moreover, the diplomatic skill must have coordination with all the diplomats irrespective of their society, culture, and business preferences. Economic diplomacy makes international trade agreements more productive. It improves the efficiency of policymakers to make international agreements (Allee & Elsig, 2019). The international contracts promote free trade across the country-barriers. Free trade helps to improve the business relationship between the countries. Trade relationships must be enhanced between the nations with effective use of economic diplomacy.

A standard domestic sequence must be maintained in economic diplomacy, which is required to be achieved during the Expo2020. Thus, improvement in negotiating capability along with a steady communication eloquence is always beneficial for an organization to improve diplomatic behavior (Okano-Heijmans, 2014). Economic diplomats must be careful enough about their initiate of maintaining trade relations most efficiently to ensure a standard sequence.

Conclusion and recommendations

The study has discussed various aspects of economic diplomacy focusing on Samsung company. Samsung needs to maintain proper negotiation with all its foreign delegates to promote the efficiency of economic diplomacy. Economic diplomacy can help Samsung to negotiate all the possible aspects of trade agreements. Samsung company has planned to arrange a trade agreement with the foreign business entities and suppliers in the Expo2020. Thus, the company needs to understand all the possible aspects of international negotiation. International negotiation is conducted to expand the range of business and target market base. Therefore, a concentrated initiative to improve communication skills and diversified mentality to connect the global audience. A careful effort must be taken by Samsung to perform in a conventional domestic sequential manner in Expo2020 during economic diplomacy. Apart from that, the organization must be efficient enough in its diplomatic skill to enhance its potential of communicating the foreign traders more efficiently.

Reference list

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