Understanding the Impact of Economic Diplomacy on the Economies of Developing Countries: A Case Study of Kenya

Abstract:

Efforts at economic diplomacy by states and other developmental agencies reap economic benefits. As a developing country in Sub-Saharan Africa, Kenya has born witness to these benefits, becoming a frontier market and an economic hub for East African states. These benefits have led to major modifications of Kenya's foreign policy at large, specifically the renaming of its Ministry of Foreign Affairs to the Ministry of Foreign Affairs and International Trade. The focal point of economic diplomacy is international trade in which exchange of capital, goods and services across the national borders takes place. Thus, for national trade to be enhanced, Kenya has engaged in multi-lateral agreements to boost trade. The country has also recently witnessed a shift in its international trade approach by engaging in trade agreements with regional trading blocs such·as the East Africa Community (EAC), Common Markets for Eastern and Southern Africa (COMESA), The Free Trade Area (FTA) among others. Furthermore, Kenya's recent intensification of trading activities with emerging economies such as Brazil, China and India is of a keen interest. Economic diplomacy entails negotiations, bargaining and power-play in the international political economy. This paper therefore is an exploratory attempt to establish the nexus between these heightened activities of economic diplomacy and Kenya's national economy. It will analyze the impact, if any, of such diplomacy and eventually attempt to establish the economic outlook of Kenya on the backdrop of these diplomatic ventures.
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APA

Milton, L (2024). Understanding the Impact of Economic Diplomacy on the Economies of Developing Countries: A Case Study of Kenya. Afribary. Retrieved from https://afribary.com/works/understanding-the-impact-of-economic-diplomacy-on-the-economies-of-developing-countries-a-case-study-of-kenya

MLA 8th

Milton, Lucheri "Understanding the Impact of Economic Diplomacy on the Economies of Developing Countries: A Case Study of Kenya" Afribary. Afribary, 03 May. 2024, https://afribary.com/works/understanding-the-impact-of-economic-diplomacy-on-the-economies-of-developing-countries-a-case-study-of-kenya. Accessed 17 Jun. 2024.

MLA7

Milton, Lucheri . "Understanding the Impact of Economic Diplomacy on the Economies of Developing Countries: A Case Study of Kenya". Afribary, Afribary, 03 May. 2024. Web. 17 Jun. 2024. < https://afribary.com/works/understanding-the-impact-of-economic-diplomacy-on-the-economies-of-developing-countries-a-case-study-of-kenya >.

Chicago

Milton, Lucheri . "Understanding the Impact of Economic Diplomacy on the Economies of Developing Countries: A Case Study of Kenya" Afribary (2024). Accessed June 17, 2024. https://afribary.com/works/understanding-the-impact-of-economic-diplomacy-on-the-economies-of-developing-countries-a-case-study-of-kenya