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Commercial diplomacy in Armenia's foreign economic relations

Author

Listed:
  • Hayrapetyan G.R.

    (Ереванский государственный университет
    Yerevan State University)

  • Hayrapetyan V.L.

    (Российско-армянский (славянский) университет
    Russian-Armenian (Slavonic) University)

Abstract

Commercial diplomacy widely used among developed countries and it has been started to be used in developing countries. One of the main activities of commercial diplomacy is foreign trade and foreign direct investment promotion. Commercial diplomacy can be viewed a value-creating activity. As well there is some criticism in literature concerning to commercial diplomacy that is stipulated by the possibilities for crossing both public and private interests. Commercial diplomacy can be realized at two levels: national and international. For developing countries like Armenia in international level SME’s need at least basic market information which very often differs from their home market structure. In this aspect even productive companies can meet a lot of trade barriers in international trade. Analyzing Armenia’s foreign trade and FDI flows we can state that there is a huge potential which is not used yet; and implementation of successful commercial diplomacy can improve the situation.

Suggested Citation

  • Hayrapetyan G.R. & Hayrapetyan V.L., 2018. "Commercial diplomacy in Armenia's foreign economic relations," Research result. Economic Research, Belgorod State University, vol. 4(4), pages 13-21.
    • Handle: RePEc:eul:rrecon:v:4:y:2018:i:4:p:13-21
    DOI: 10.18413/2409-1634-2018-4-4-0-2
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