Unprecedentedly, the world’s political and economic landscape is evolving to a larger extent day by day. According to the world’s political history, from 1946 to 1991, the world witnessed a bipolar order led by two influential countries: the United States and the Soviet Union. Having said that, after the collapse of the Soviet Union and its alliance, the Warsaw Pact, the world order shifted into a unipolar system led by the USA. The question now arises: is it still a unipolar world led by the USA? The answer is a ‘big’ no. Because the world is now thoroughly interconnected, highly interdependent, and globalized, thanks to technological advancements and the omnipresence of democracy, liberalism, and capitalism. The recent rise of China —after 2010 mainly— which has surpassed the USA’s economy has added a new dimension to global politics and economics. India, Russia, Iran and Turkey are also some crucial players in international politics. Even a small state like Taiwan, under China’s sphere of influence, has been playing a significant role for years in international politics as it produces semiconductors, an increasingly important raw material for various technological products.
The USA deliberately seeks to maintain its status quo by any means. China and other influential countries like Russia, India, and Iran, on the other hand, aim to challenge the USA’s sole dominance in international politics and economics. To achieve this, countries are introducing organizations and platforms. The key international and regional organizations are the NATO, BRICS, QUAD, AUKUS, ANZUS, BIMSTEC, SAARC, Belt and Road Initiative, Indo-Pacific Strategy, and European Union. These key stakeholders attract developing countries into their respective spheres of influence, either by joining their initiatives or staying away from their rivals. Consequently, many developing countries in the Global South find themselves in a dilemma regarding which side to support. Bangladesh is a prime example of this predicament, without a doubt.
Due to its rich history and strategic geographic location business hub (a country with 180 million people), Bangladesh has become a focal point for powerful states ranging from China and India in Asia to the USA and Russia in the West. Since all these countries are of paramount importance for the country’s well-being, Bangladesh increasingly needs to maintain a balanced foreign policy. Balancing relations with India, a historical friend and neighbor, and China, which provides strategic and economic support, requires Bangladesh to navigate its relationships with prudence. By participating in China’s Belt and Road Initiative and India’s BBIN initiatives, Bangladesh can maintain mutual and effective relationships with both, though this might become more challenging in the future due to ongoing China-India conflicts. Meanwhile, strengthening relations with the USA is crucial as it is Bangladesh’s largest market, particularly for Ready Made Garments —a key product for Bangladesh. The vast amount of foreign currency comes from this particular country. Historically, the USA has supported Bangladesh in various ways, from security assistance to financial aid. Having said that the USA’s influence is everywhere. Therefore, the USA is a key factor for every country.
At the same time, Bangladesh should focus on diversification immediately. Depending on the RMG alone might be a threat to the future economy. Even if a country imposes extra political pressure due to their political gains, the country’s economy will fall down. So, the country needs to reduce its dependency on any single country or theory. Multilateralism and diversification will — hands down — help mitigate economic risks and enhance Bangladesh’s bargaining power, leading to economic and political progress. In this context, Bangladesh could seek agreements with countries like Japan, South Korea, Turkey, Egypt, South Africa, Brazil, and Indonesia.
Another key foreign policy priority is resolving the Rohingya refugee crisis—the worst crisis for Bangladesh. Instead of relying solely on bilateral discussions with Myanmar, Bangladesh needs to elevate the issue to the international levels—the UN and the ICC. By leveraging soft power and a prudent foreign policy, Bangladesh must garner international support to address the crisis, at least to mitigate it. The USA, China, and India may play “premium” roles in resolving the Rohingya issue, and Bangladesh should maintain dialogue with these countries. Alternatively, under the supervision of the UN, Bangladesh may explore the possibility of resettling refugees in other countries where there is a need for human resources, inspired by Turkey and Jordan.
Climate change diplomacy is another foreign policy priority. Despite being less responsible for global warming, Bangladesh has become one of the most vulnerable countries. Climate change has led to numerous disasters in Bangladesh including frequent floods, tornadoes, earthquakes and land erosion. Almost every year, these events take a heavy toll each year—resulting in human and economic losses. Based on the current trend of climate change, scientists have predicted that certain parts of Bangladesh will be submerged in a few decades due to rising sea levels. Thus, to mitigate the effects of these disasters, Bangladesh should seek climate incentives from global powers. Enhancing regional diplomacy, particularly with India, is of utmost importance for both countries as the two countries share significant water resources.
Bangladesh should also expand its multilateral engagement through peacekeeping operations under the United Nations. Historically, Bangladeshi peacekeepers have earned a strong reputation worldwide through their professionalism and skills. Through proactive diplomacy, Bangladesh can establish business relationships with the host countries where its peacekeepers served, serve and will be serving. Through building stronger bilateral ties with the host countries, Bangladesh as a whole may expand trade, export Bangladeshi products, and provide skilled workers.
To address energy shortages, Bangladesh can expand foreign policies. As part of its foreign policy, Bangladesh may increasingly negotiate energy deals with countries like Russia, China, and Saudi Arabia. Simultaneously, Bangladesh must focus on enhancing its maritime capabilities to protect its blue economy and wealth. The Bay of Bengal is a source of immense natural wealth — including energy — and the region plays a crucial role in the evolving geopolitics of the Indo-Pacific. Therefore, increasing maritime capacity, along with regional cooperation, is essential for Bangladesh.
Bangladesh needs to make an extra effort in order to prioritize cyber-security and address transnational challenges. In this regard, strengthening cooperation with regional partners is increasingly important in combating cyber threats and cross-border crime. As a part, Bangladesh should work with South Asian countries in tandem like India, Pakistan, Myanmar, Nepal, and Bhutan, while also increasing security-sharing agreements with influential countries such as the United States, the United Kingdom, and France.
Bangladesh’s foreign policy must evolve to keep pace with the rapidly changing global political and economic landscape. The world’s political economy and security dynamics are volatile, even as nations remain interconnected and interdependent. In an era marked by neo-realism, constructivism, nationalism, and protectionism, Bangladesh’s commitment to multilateralism and regional cooperation might act as a catalyst and pioneer for fostering mutual and shared relationships with countries around the globe and its benefits.
Bangladesh’s foreign policy of balancing geo-economic and geo-political rivalries can be modeled after two countries: Turkey (Europe) and Vietnam (Asia). These two countries, from separate continents, are prudently maintaining their international relations through a blend of two theories, realism and liberal institutionalism. From a realist standpoint, Turkey, a signatory member of NATO which is a collective security force of Western countries under the USA’s umbrella, maintains a rewarding relationship with NATO for just one purpose — security. Simultaneously, Turkey is involved economically with Russia and China. In this way, Turkey has been balancing power dynamics for decades.
Similarly, Vietnam engages economically with China, despite having some conflicts, while strengthening security ties with the USA and other Western nations. Meanwhile, Vietnam embodies the liberal institutionalist approach by actively participating in multilateral organizations like the United Nations and ASEAN.
