The role of economic diplomacy in Turkey’s foreign economic strategy

Abstract

Nowadays the Republic of Turkey implements an active foreign policy with active using of institutions and instruments of economic diplomacy. The purpose of the article is to determine the most effective institutions of economic diplomacy in Turkey using rating methods, as well as their ranking in proportion to the impact of the activities of the institutions on the formation and regulation of economic relations of the republic with various subjects of the world economy. As a sampling frame the authors took, both the state organizations and private associations differing in their fields of activity (from organizations that ensure the implementation of state programs and support measures, to sectoral business unions, from ministries to credit and financial organizations), in order to analyse the actors of economic diplomacy in this country as detailed as possible. They provide brief background information for each institute. A range of factors is used to assess the effectiveness of all chosen institutes. It consists of eight main and three additional ones: the number of negotiations with foreign partners, agreements signed, international events held, representation abroad, participation in the work of international organizations, the number of existing initiatives, the amount of financial support, the number of publications; in addition, event analysis mentions in the media (according to information from the largest news resources – Hürriyet, HaberTurk, Anadolu Ajansı). Among those factors there are both quantitative and qualitative factors determined by the author. Based on the assessments, the final rating of the effectiveness of the studied actors will be compiled and the characteristic features of economic diplomacy in the Republic of Turkey are also to be highlighted.