The international economic system, as a network of trade and financial links between countries, greatly contributes to the economic growth of individual countries if it functions without significant obstacles. Therefore, positioning on the world market, involvement in international flows of goods, services and capital is becoming a priority in the context of growing globalization; foreign trade policy, international finance and national macroeconomic goals are becoming important avenues of economic growth and development and are meeting in the domain of the international economy through diplomacy. This disertation primarily demonstrates the connection of foreign trade with GDP, living standards, unemployment rate, global competitiveness, increasing exports and foreign direct investment, on the example of Bosnia and Herzegovina as a country with unvalued international economic potential. In addition, in order to identify and formulate measures and instruments of diplomacy that shape the foreign trade policy of BiH, the disertation compares the attitudes of different business stakeholders on the impact of diplomacy on the foreign trade policy of Bosnia and Herzegovina. The mentioned comparison and its results show that experts in the field of diplomacy, foreign trade, diplomats and academic experts consider diplomacy important for living standards, foreign direct investment, government deficit and competitiveness of Bosnia and Herzegovina. Finally, for diplomacy itself, the most important thing is the improvement of cooperation between the two countries, then the establishment of better cooperation between BiH diplomacy and state agencies for trade policy and the introduction of better criteria according to which embassy locations are chosen.