BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

INSTRUMENTS OF BANGLADESH’S ECONOMIC DIPLOMACY: CHALLENGES AND WAY FORWARD

Author: Meherun Nesa

DOI Link: https://www.doi/10.56888/BIISSj2021v42n3a2

ABSTRACT

Expansion of democracy and globalization has transformed the role of diplomacy in the contemporary world. There is a growing realization that economic relations have a strong impact on political relations among countries and will not work well until economic diplomacy is pursued properly. Therefore, this paper aims to explore instruments of economic diplomacy of Bangladesh and suggest relevant measures to have economic diplomacy as a foreign policy tool. It is found that diplomatic representations, state visits, export promotion agencies, digital diplomacy, are significant instruments in this regard. Considering the success of these instruments, this paper suggests that embassies, consulates, and all other diplomatic representations of Bangladesh abroad need to play a more proactive role in exploring new markets. In this regard, the Export Promotion Bureau (EPB) of Bangladesh needs to go further to increase the export of Bangladeshi products abroad. Furthermore, various infrastructural developments are crucial to ensure timely management and implementation of foreign aid. For more effective state visits and trade missions in favour of increasing trade and investments, this paper assumes that inclusion of more business experts in such visits is required.