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Geoeconomics in the aftermath of the COVID-19 pandemic: Trade and development perspectives from Bangladesh
Mohammad A. Razzaque | May 2021
Abstract
World trade, investment, and other major forces of globalisation are now passing through a turbulent time. Geoeconomics—defined as the use of various economic and trade policy instruments by global and regional economic powers to promote their national interests and geopolitical influence—is on the rise, undermining the rules-based multilateral trading system.
Trade deals, investment decisions, and relocation of firms are being increasingly considered from geoeconomic and geopolitical perspectives. The emerging developments bring a new spotlight on the development prospect of a country like Bangladesh which is graduating from the group of least developed countries. Within the geoeconomics-driven tumultuous terrain of global and regional cooperation, there are certain opportunities for seeking trade preferences and attracting investment that must be prudently exploited by Bangladesh without being a victim of geopolitical competition of rival economic powers.
After brief analysis of some of the major relevant trends, this paper presents several broad recommendations for Bangladesh to navigate the unfolding geoeconomic landscape while advancing its economic development and minimizing any backlash from the hegemonic tensions. Working with other developing countries, among other pursuits, Bangladesh must proactively push for strengthening the multilateral trading system with a transparent dispute settlement procedure by incorporating reforms to contain the indiscriminate use of geoeconomic tools.
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