The european union is a key player in international economic relations but its exact role and how it goes about making decisions and negotiating is often poorly understood within and especially outside the eu. The european union is a key player in international economic relations but its exact role and how it goes about making decisions and negotiating is often poorly understood within and especially outside the eu. From economic to political union the european union is a unique economic and political union between 28 eu countries that together a name change from the european economic community eec to the european union eu in 1993 reflected this stability a single currency mobility and growth the eu plays an important role in diplomacy and . The focus of the analysis in european union economic diplomacy is understandably limited to multilateral economic processes in the main it would be interesting to apply the analytical approach to the engagements of the european union through its network of strategic partnerships with key regions and economic partners. The european external action service eeas incorporating the eu delegations and the new eu competence for direct foreign investment under the lisbon treaty of have given the union the tools to assume an independent identity in economic diplomacy
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