An appraisal of economic diplomacy and its role in promoting bilateral investment: A study of US–India economic ties
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Background of the Study
Economic diplomacy has become an essential instrument in fostering bilateral relations and attracting foreign investments. In the context of US–India economic ties, diplomatic initiatives have played a pivotal role in enhancing trade, investment flows, and technological collaborations (Miller, 2023). Economic diplomacy involves not only traditional diplomatic negotiations but also leveraging economic policies to create mutually beneficial outcomes between countries. The bilateral relationship between the United States and India has evolved considerably over recent decades, marked by significant policy shifts and increased economic interdependence (Patel, 2024). Through strategic dialogues and high-level visits, both nations have sought to address trade barriers, protect intellectual property rights, and streamline investment regulations. Moreover, these diplomatic efforts have been underpinned by a shared vision of economic growth and innovation, further solidifying the ties between the two nations (Gupta, 2023). Despite the positive trajectory, challenges remain in harmonizing regulatory frameworks and addressing market uncertainties that can affect investor confidence. This study examines the mechanisms through which economic diplomacy fosters bilateral investment, evaluates its impact on national economies, and considers future prospects for US–India economic collaboration. The investigation provides a critical appraisal of the interplay between diplomatic strategies and economic outcomes in an increasingly globalized world, contributing to a better understanding of how international partnerships can drive sustainable economic growth (Singh, 2024).
Statement of the problem
Despite the prominence of economic diplomacy in bolstering US–India economic ties, several challenges continue to impede its full potential. There is an ongoing debate regarding the effectiveness of current diplomatic strategies in resolving trade disputes and harmonizing investment regulations (D’Souza, 2023). Inconsistencies in policy implementation and market fluctuations further complicate efforts to maintain steady bilateral investment flows. This study seeks to identify the gaps in existing economic diplomacy practices and assess their impact on investment outcomes. The disconnect between diplomatic intentions and practical economic results calls for a thorough analysis to determine the areas in need of reform (Rao, 2024). Addressing these issues is crucial for developing a more robust framework that can support sustainable economic cooperation between the United States and India.
Objectives of the Study
To evaluate the impact of economic diplomacy on bilateral investment between the US and India.
To identify challenges hindering effective economic diplomatic practices.
To propose strategies for enhancing economic cooperation and investment flows.
Research questions
How does economic diplomacy influence bilateral investment between the US and India?
What are the major challenges affecting the effectiveness of these diplomatic efforts?
What strategies can improve the outcomes of economic diplomacy in bilateral relations?
Significance of the Study
This study is significant as it provides a critical analysis of economic diplomacy and its impact on bilateral investments between the US and India. The findings will offer actionable insights for policymakers and business leaders, contributing to the optimization of diplomatic strategies for economic growth and enhanced global competitiveness (Miller, 2023; Patel, 2024).
Scope and Limitations of the Study
The study is confined to examining economic diplomacy within the framework of US–India economic relations. It focuses exclusively on diplomatic strategies related to investment promotion and does not address other bilateral issues such as defense or cultural exchanges.
Definitions of terms
Economic Diplomacy: The use of diplomatic tools to promote a country's economic interests and foster international economic cooperation.
Bilateral Investment: Investment flows that occur directly between two countries.
Investment Flows: The movement of capital from one country to another for the purpose of investment.
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