Graduate School of International Studies Ajou University
Globalization and internationalization processes bring new rules to the economic life of the countries. Technological development and changes in the consumer behavior complicate the process of meeting the needs of both countries and individuals. New products that are invented in different parts of the world make it impossible for the economy to be self-sufficient. International trade plays one of the most important parts in the establishment of the economy of each country and improvement of its position in the global world.
As the significance of intensive international trade is recognized, governments start to pay enough attention to the work of commercial diplomats. In fact, commercial diplomacy has become one of the core tools for trade liberalization and increase of the volumes of exports and imports between countries. Being a relatively new concept, however, there is not enough research on this topic.
This study has used descriptive analysis to get a better understanding of the theory of commercial diplomacy and its difference from economic diplomacy. Secondary data from the State Statistics Committee of Ukraine was incorporated in order to study the current situation of international trade with countries of Fareastern Asia and to prove the positive influence of commercial diplomacy on the volumes of bilateral trade between countries.
In the end of the research we have reached the conclusion that indicates the difference between economic and commercial diplomacy and provides supporting facts to the correlation between the number of commercial diplomatic activities and the volumes of international trade as well. Having reviewed the current situation of trade, we were also able to provide prospects for development of commercial diplomacy in trade cooperation between countries.
Keywords: international trade, diplomacy, economic diplomacy, commercial diplomacy.