ECONOMIC DIPLOMACY-ENHANCING FUNCTIONAL CAPABILITIES: IMPERATIVES FOR BANGLADESH
We live in the era of Globalization where the external relations, particularly Trade and Economic relations, is very much exposed to the international economic order. Gains in the area are also made through exploiting and integrating such exposure. Countries gain from the process whatever they are able to negotiate.
The developing economy of Bangladesh is moving ahead for becoming a Middle Income Country by 2021 when the nation celebrates its 50th years of Independence. The nation has already achieved signiﬁcant success in fulﬁlling the Millennium Development Goals and looking forward for the Post Millennium Development Agenda.
Since Bangladesh largely depends on external trade for her sustenance and development, Economic Diplomacy performs a great role in the area. Diplomacy is an all encompassing instrument of inter-state relations as it applies to all gametes of relations. It cannot be compartmentalized, such as Economic Diplomacy, in any situation as Economic Diplomacy cannot be pursued in the absence of political diplomacy, what is generally perceived as diplomacy. Economic Diplomacy has not, in fact cannot, take over Political Diplomacy. Rather Political Diplomacy now adding priority on Economic Diplomacy, as, with the strengthening of globalization, countries are aiming for a possible bigger share of the pie of the economic wealth of the world. Bangladesh needs stronger and coordinated Economic Diplomacy for ensuring the basic needs of the entire population-for which the state machinery is constitutionally responsible.
The Study in the present Report on ‘Economic Diplomacy: Enhancing the Financial Capabilities – Imperatives for Bangladesh’ looks into the internal and external actors of Economic Diplomacy and the factors that shape the same for Bangladesh. Then it deﬁnes the Economic Diplomacy for Bangladesh, identiﬁes the Target Audiences, Challenges and Strategies and recommends possible actions for its enhancement.
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