The article is dedicated to analysis of efficiency of tools of economic diplomacy in international entrepreneurial business. Different interpretations of “economic diplomacy” notion are given. The definition of tools of economic diplomacy is Section 7. Economics and management 52 also given. The model of influence of economic diplomacy on business and state is developed. The structure of tools of economic diplomacy management in international entrepreneurial business is ascertained and system of methods of economic diplomacy is depicted. The use of tools of economic diplomacy in practice of some EU countries and agricultural holding “Avangard” is also analyzed