Economic Diplomacy and National Prosperity

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This project aims to examine the effectiveness of economic diplomacy in contributing to Australia’s exports and inflow of foreign investment. The government’s economic diplomacy agenda guides a substantial portion of the activity of the Australian Government Department of Foreign Affairs and Trade (DFAT). With the collaboration of DFAT, the project will develop a dataset to capture characteristics of Australia’s diplomatic sector, export and foreign direct investment ; use a gravity model to identify the determinants of trade and investment through diplomacy for Australia; and estimate the benefits to specific export industries. The project aims to also inform DFAT’s resource allocation, risk management and to assist advocacy in the public domain on trade and investment issues.