Coping with Business Diplomacy in a Globalizing World

Abstract

At the age of globalization classical diplomacy is under profound transformation and is demanded to function in a qualitatively new context. The United Nations and other international organizations and structures are contributing to the adaptation of diplomacy to new requirements. The strong impact of economic diplomacy becomes more evident in the process of cooperation at all levels. Within that dynamic framework, a successful manager should have some basic knowledge about the emerging business diplomacy as an essential component of present-day global diplomacy. The main functions of diplomacy, namely negotiation, information, representation and cooperation are more clearly discernible in the business world. No national or international business strategy is conceivable without bilateral and multilateral negotiations. Business entrepreneurs need a global perspective if they wish to find themselves in winwin situations and to prosper in a complex environment offered by a changing, turbulent and imperfect world. The future managers should be sensitized to the consequences of ethnocentrism and be prepared to negotiate and to deal effectively with economic and financial issues on a globalizing planet characterized by a new context for and a new connectivity among economic actors and activities at universal level. Multilateral diplomacy has good chances to demonstrate in a more convincing way its centrality and its capacity to meet the crucial challenge of our times to ensure that globalization is a positive phenomenon beneficial for the business community in all countries. The 56^th session of the United Nations General Assembly and the Doha Ministerial Conference of the World Trade Organization (WTO) have brought new evidence about the potentialities of multilateral diplomacy to create favourable conditions for profitable business at global level.