International business diplomacy (IBD) is a set of practices that multinational enterprises (MNEs) use to establish and maintain positive relationships with foreign governments and non-governmental stakeholders. Changing political philosophies, political polarization, and fragility in relationships across countries significantly affect international trade and logistics among the international firms. Economic diplomacy has emerged as a major forum of trade negotiations over bilateral or regional tariffs, quotas, and external economic relations, particularly in emerging countries seeking to enhance their attractiveness for foreign capital and support their development. Corporate democracy and social corporatism are functionally synonymous. It is a form of triadic socio-economic partnership of business firms integrating socio-political emotions, collective bargaining, and representation of stakeholders (both internal and external) in organizational governance. The global trade order is shifting today in which bilateral agreements, multiple spheres of influence, and self-interested government policies are likely to loom large. International trade is fragmenting to operate in a liberal manner, where organizations tend to explore coordination among stakeholders to leverage technology to reduce the cost, fasten logistics, and deliver value to stakeholders. In view of the above arguments, this chapter discusses the contemporary nature of international business diplomacy, economic diplomacy, and corporate diplomacy, and their effects on international trade and economy. The global trends in the trade and economy have also been discussed in this chapter.