Enhancing the Connectivity of Bangladesh with ASEAN in Doing Business in Asia

Abstract

In this paper, we analyze the prospect of the economic diplomacy of Bangladesh in engaging with ASEAN and its potential benefits. Bangladesh has enormous human resources and is a fast growing country in the South Asian region. Bangladesh has achieved high economic progress and reduced its poverty rate drastically due to export-led growth. However, maintaining the economy’s past growth performance becomes increasingly challenging. Therefore, Bangladesh needs to develop a strategic action plan for diplomatic engagement to focus on trade growth and diversity with ASEAN. To this end, Bangladesh needs to link with Asian Highway and Trans-Asian Railway in the desired path; reduce dependence on a single market as sustainable export development policy; and establish initiatives to streamline bilateral trade development. Although it is difficult for Bangladesh to create a win-win economic deal with each ASEAN member, an entire bloc backed by economic integration is relatively easy for a new trade vision. Bangladesh should agree in its aims and purposes, observe fundamental principles, and collaborate with the ASEAN community. It needs to adopt and enforce a results-oriented regional orientation policy to realize sustained socioeconomic returns from economic diplomacy with ASEAN.