Legal framework of economic diplomacy in Russia
Economic diplomacy is the most important tool for the state and entrepreneurs in their foreign economic activity. It provides not only foreign contracts (including for the supply of large firms) and the inflow of foreign currency, but also investments attraction, which contributes to its development. Profit received from foreign economic activity goes to the state budget with taxes and then directed to social needs improving citizens welfare. Diplomatic relations between different countries are based on international conventions on diplomatic intercourse covering the diplomatic agent’s legal status. International trade agreements regulate international standards and procedures for goods carried from country to country, as well as dispute processes arising at the supranational level. International agreements forming conditions for Russian companies’ operations in the foreign markets and for the work of foreign investors in Russia. All foreign markets activities are regulated by legal acts. Such regulation is aimed to ensure goal-setting, simplicity and transparency of domestic entrepreneurs and foreign counterparties interaction and to reduce the risks of dependency on foreign markets and counterparties. This article reviews the Russian legal economic diplomacy basis, key strategic documents covering this area. Also, proposals to improve the legal framework for foreign representations promoting Russia's foreign economic interests abroad are done. Analyzing official statistics, the article examines the practical effect of the main strategic documents. All these measures are aimed to ensure comfortable working conditions for Russian manufacturers of various goods and services on foreign markets.