This article aims to emphasize the relevance of economic diplomacy in improving national competitiveness and, consequently, countries’ economic security. Economic diplomacy plays important in strengthening the economic dimension of security, in negotiations to establish market rules and regulation, the promotion, and implementation of economic policies, and the advocacy of public and private economic interests. And the characteristic feature of the modern era is the intensity of multidimensional relations between the countries of the world. On the one hand, this creates huge commercial opportunities in new markets, and this is one of the reasons for the increased interest in economic diplomacy. On the other hand, the stability of the global system is under threat: shocks are rapidly transmitted from one side of the system to the other. It is noted that economic diplomacy is underutilized and limited only by macroeconomic factors of national competitiveness, neglecting microeconomic ones. Presents the arguments for economic diplomacy to operate in close relations to microeconomic factors of competitiveness.