Economic Relations of Bangladesh with Major International Players and Its Implication to APEC

Abstract

We analyze the relationship between Bangladesh and various international organizations. We explore the development of trade policy framework and relations with other countries in Bangladesh under the WTO regime. We also analyze Bangladesh's economic relations with major SAARC, APTA, EU and APEC economies and assess the strengths and weaknesses of Bangladesh in these relationships. In the current era of globalization, the world economy is interdependent. Bangladesh has maintained cooperative economic relationships with various international organizations, and its economy has grown at 6 percent annually for more than two decades. Despite significant development achievements, poverty remains a challenge as do infrastructure shortcomings, weak governance structures, extremist violence, and the need for greater investment in human capital. Bangladesh’s high population density compounds these challenges. In this backdrop, the Bangladesh government has signed bilateral and multilateral treaties to facilitate international trade with many countries and international organizations. Bangladesh's experience shows that international trade, investment, and foreign market access provided through the temporary movement of workers and professionals has a positive effect on improving foreign exchange availability, current account, income levels, economic growth, job creation, and reducing poverty. This will help Bangladesh develop a strong collaborative environment in the international community.