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Economic Diplomacy: Reshaping Bangladesh-Latin American Diplomatic Relations

By (author) Mohammad Tarikul Islam, By (author) Md Belal Hossen

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Economic diplomacy has become more notable in recent years, helping developing nations like Bangladesh maximise their national interests. Bangladesh is rapidly transitioning from a low-income to a middle-income nation, with the goal of reaching developed status by 2041. Bangladesh engages in international trade with almost every country. Nevertheless, a considerable amount of global trade demonstrates a strong reliance on specific nations. Decreasing trade dependence is required to transition from an emerging economy to a high-income, financially independent nation. Having gained its independence more than 50 years ago, Bangladesh has been slow to form bilateral partnerships and expand its economic activity. Consequently, Bangladesh remains dependent on China and India for imports, while focusing on America and Europe for exports. As a result of this economic interdependence, the dominant global powers enjoy the potential to pursue a proactive stance in the domestic affairs of Bangladesh. By taking steps to decrease its dependency on conventional trading partners, Bangladesh can increase the emphasis on non-traditional trading partners like Latin American and African countries. The formation and growth of a comprehensive economic diplomacy framework is required in this context. The aforementioned reasons generated the idea for a research investigation of Bangladesh's economic diplomacy with Latin America. Argentina now wishes to reopen their embassy in Bangladesh, spurred on by the extraordinary support the people of Bangladesh have shown for their country during the World Cup. In an effort to establish a Mexican embassy in Dhaka, Mexican Foreign Minister Marcelo Ebrard Casaubon is expected to visit the city in March as part of a high-level group. This study shows that geographical distance and cultural differences do not have a substantial impact on building a market position in the Latin American region. Promoting Bangladesh through public diplomacy in the region can assist the country in increasing its portion of international trade. However, this requires a suitable framework for Economic Diplomacy. The book examines prospective economic diplomacy methods for Bangladesh. This book offers fresh perspectives on various facets of Bangladesh's expanding trade relations with Latin America.