Economic diplomacy has evolved as a pivotal instrument in advancing bilateral relations, intertwining economic interests with foreign policy objectives. The theoretical foundations of this practice, rooted in realism, liberalism, and constructivism, provide a framework for analyzing its implications in reshaping Bangladesh's diplomatic and economic engagement with Latin American nations. This study delves into the conceptual clarity and theoretical aspects of economic diplomacy to explore its potential in fostering reciprocal growth and strategic partnerships between Bangladesh and Latin America. Realism underscores economic diplomacy as a strategic tool for achieving national interests, emphasizing power dynamics and relative gains. Bangladesh's pursuit of stronger ties with Latin America reflects this perspective, as it seeks to enhance economic security by diversifying trade routes and reducing dependence on traditional markets. Conversely, liberalism highlights mutual benefits and interdependence, advocating for collaborative frameworks like bilateral trade agreements, investment treaties, and technology transfers to foster shared prosperity. Constructivist theories emphasize the role of ideas, norms, and shared values in shaping economic diplomacy. Bangladesh’s aspirations to build a knowledge-based economy and Latin America's focus on industrial and agricultural advancements align with this perspective, creating opportunities for cultural exchanges and sustainable collaborations. Institutions such as the WTO and MERCOSUR provide platforms for harmonizing these efforts, reinforcing the role of international organizations as enablers of economic diplomacy. This research also examines the multidimensional tools of economic diplomacy, including trade promotion, foreign direct investment (FDI) attraction, and the negotiation of economic treaties. For Bangladesh, integrating these tools into its foreign policy framework can address challenges such as logistical barriers, tariff discrepancies, and a limited diplomatic presence in Latin America. Similarly, leveraging soft power through cultural diplomacy and public engagement can bridge gaps in understanding, fostering deeper bilateral connections. The theoretical exploration further highlights the dynamic nature of economic diplomacy, with non-state actors such as multinational corporations and civil society playing increasingly influential roles. These actors can complement state-led initiatives by fostering business-to-business linkages and facilitating innovation-driven partnerships. Moreover, the liberal notion of complex interdependence suggests that economic ties between Bangladesh and Latin America can transcend traditional trade models, encompassing shared goals like climate resilience and digital transformation. By grounding its analysis in theoretical perspectives, this study underscores the strategic potential of economic diplomacy in redefining Bangladesh-Latin America relations. It concludes that a nuanced and adaptive approach, informed by historical patterns and contemporary global trends, can transform bilateral engagements into a cornerstone of mutual economic development and geopolitical stability.

Economic Diplomacy and Bilateral Relations: Conceptual Clarity

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发表日期：

2025年

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Mohammad Tarikul Islam,
Md Belal Hossen

摘要

Economic diplomacy has evolved as a pivotal instrument in advancing bilateral relations, intertwining economic interests with foreign policy objectives. The theoretical foundations of this practice, rooted in realism, liberalism, and constructivism, provide a framework for analyzing its implications in reshaping Bangladesh's diplomatic and economic engagement with Latin American nations. This study delves into the conceptual clarity and theoretical aspects of economic diplomacy to explore its potential in fostering reciprocal growth and strategic partnerships between Bangladesh and Latin America. Realism underscores economic diplomacy as a strategic tool for achieving national interests, emphasizing power dynamics and relative gains. Bangladesh's pursuit of stronger ties with Latin America reflects this perspective, as it seeks to enhance economic security by diversifying trade routes and reducing dependence on traditional markets. Conversely, liberalism highlights mutual benefits and interdependence, advocating for collaborative frameworks like bilateral trade agreements, investment treaties, and technology transfers to foster shared prosperity. Constructivist theories emphasize the role of ideas, norms, and shared values in shaping economic diplomacy. Bangladesh’s aspirations to build a knowledge-based economy and Latin America's focus on industrial and agricultural advancements align with this perspective, creating opportunities for cultural exchanges and sustainable collaborations. Institutions such as the WTO and MERCOSUR provide platforms for harmonizing these efforts, reinforcing the role of international organizations as enablers of economic diplomacy. This research also examines the multidimensional tools of economic diplomacy, including trade promotion, foreign direct investment (FDI) attraction, and the negotiation of economic treaties. For Bangladesh, integrating these tools into its foreign policy framework can address challenges such as logistical barriers, tariff discrepancies, and a limited diplomatic presence in Latin America. Similarly, leveraging soft power through cultural diplomacy and public engagement can bridge gaps in understanding, fostering deeper bilateral connections. The theoretical exploration further highlights the dynamic nature of economic diplomacy, with non-state actors such as multinational corporations and civil society playing increasingly influential roles. These actors can complement state-led initiatives by fostering business-to-business linkages and facilitating innovation-driven partnerships. Moreover, the liberal notion of complex interdependence suggests that economic ties between Bangladesh and Latin America can transcend traditional trade models, encompassing shared goals like climate resilience and digital transformation. By grounding its analysis in theoretical perspectives, this study underscores the strategic potential of economic diplomacy in redefining Bangladesh-Latin America relations. It concludes that a nuanced and adaptive approach, informed by historical patterns and contemporary global trends, can transform bilateral engagements into a cornerstone of mutual economic development and geopolitical stability.