Bangladesh achieved new heights in its diplomatic development in 2024, especially in the establishment of solid bilateral ties with Latin America. Developing strong ties with Latin American nations might create new opportunities for collaboration in a range of areas, including technology, trade, culture, and education. The extension and diversification of Bangladesh’s diplomatic endeavors on the international scene are facilitated by these improved ties with Latin America. The brief will focus on the trends in the bilateral relations between Bangladesh and Latin America in 2024. The brief will also include Bangladesh’s trade and diplomatic developments with Latin countries, as well as potential future collaborations.
Recent Developments
Dhaka has expressed strong interest in strengthening political and economic ties with Brazil, aiming to elevate bilateral relations. This was emphasized during a courtesy meeting, back in October 2024, between Brazilian Ambassador Paulo Fernando Dias Feres and Foreign Secretary Md. Jashim Uddin. Both sides acknowledged Brazil’s status as a global economic powerhouse and agreed on reducing the existing trade gap. Key areas of collaboration were identified, including agriculture, agro-processing, trade facilitation for Bangladeshi products like ready-made garments, pharmaceuticals, public health systems, and capacity building. The foreign secretary thanked Brazil for being the first South American country to recognize Bangladesh after its liberation and for supporting its democratic journey. Ambassador Feres noted Bangladesh’s growing economic profile and engagement with Brazil, highlighting three trade missions and the Brazilian Foreign Minister’s visit to Dhaka in 2024. He encouraged Bangladeshi businesses to explore opportunities in Brazil despite existing tariffs and suggested leveraging Brazilian animal protein, particularly beef, to address Bangladesh’s nutrition needs. Both sides agreed on increasing business delegations and trade missions to enhance people-to-people connections. The foreign secretary emphasized arranging the third bilateral political consultation (FOC) in Bangladesh. These efforts aim to foster mutual growth and deepen ties between the two nations.
Deputy Head of Mission at the Brazilian Embassy in Dhaka, Leonardo de Oliveira Jannuzzi, while speaking as the chief guest at a meeting held at the RCCI auditorium in Rangpur on 18 January 2025, emphasized Brazil’s potential as a gateway for connecting Bangladeshi private sector businesses with Latin American markets. He also highlighted the significant opportunities for expanding trade, commerce, and investment between Brazil and Bangladesh. He urged the Rangpur private sector to participate in the ‘Made in Bangladesh Expo-2025,’ scheduled for June 15-18 in São Paulo, Brazil, as a platform to showcase their products and strengthen trade ties. The Expo-2025 aims to promote Bangladeshi exportable products such as readymade garments, pharmaceuticals, fish, ceramics, and other goods to Brazilian consumers and markets across Latin America, including Argentina, Uruguay, and Bolivia.
Achievements
With the recent opening of embassies in Bangladesh by two major regional powers, Argentina and Brazil, to foster closer ties, Bangladesh’s diplomatic ties with Latin America have greatly improved. Mexico intends to open an embassy shortly as well. Attempts to strengthen diplomatic ties are shown by an increase in visits by Latin American delegates and high-ranking government officials. Uruguay, Bolivia, Chile, El Salvador, Mexico, Peru, and Panama have invested $14.11 million in Bangladesh over the last ten years. Bangladesh’s exports to Latin American countries totaled $621.27 million in the fiscal year 2022-2023, a 20.51% rise over the previous year. Exports totaling $107.75 million in the first two months of the current fiscal year 2023-2024 demonstrate the region’s increasing significance as a significant export market for Bangladesh.
Warm and effective relations with the Latin nations can make it easier for Bangladesh to get a more accessible entry to a large portion of the BRICS market, with Brazil being a BRICS member, and Bangladesh also wants to join BRICS as it will open one additional source of financing and will attract more foreign investment into the country. Bangladesh is growing regionally stronger and will need to harness the positive outcomes from more bilateral ties with other countries, and Latin America can be a great avenue for that. As the world is still reeling from the negative consequences of the COVID-19 pandemic and the Russia-Ukraine war, Bangladesh will need to get hold of the Latin market to protect its domestic one from the brunt of the present and future global conflicts and epidemics.
Bangladesh is now a popular destination for foreign trade and investment in this region. Latin American countries are also keen to extend an invitation to Bangladesh to their growing network of trade, which means the countries want to join in on the economic success Bangladesh has been enjoying for the last few years. The year 2024 was significant in shaping the future trajectory of the diplomatic and economic affiliations shared by Bangladesh and Latin America. For Bangladesh, forging cooperation with a regional bloc like Mercosur (a South American trade bloc) can lead to the diversification of export markets, which is often seen as a prerequisite for economic development, and will be mutually beneficial.
For its pharmaceuticals, leather, ceramics, melamine products, services, IT products, jute products, handicrafts, agricultural products, and farm management services, Bangladesh should look into markets in Latin American nations. Additionally, Bangladesh’s Ready-Made Garments (RMG) industry, which makes up more than 80% of the nation’s overall exports, has significant development potential in the Latin American market. In addition to clothing, more and more goods, including leather products, plastic products, medications, and jute and jute goods, are being shipped. Bangladesh is increasingly relying on Latin American countries, particularly Brazil and Argentina, as major providers of cotton, maize, oilseeds, and sugar. Given that China is a key supplier to the Latin American region, Bangladesh has the chance to acquire a sizable portion of the market in areas where China’s participation is declining as a result of increased manufacturing costs. Bangladesh’s apparel and textile industry is in an excellent position to provide products that suit Latin American consumers’ tastes in fashion and style.
Bangladesh’s efforts to diversify its markets and apparel shipments at competitive prices are leading the country toward becoming a significant export destination to Latin America. As some Latin American countries are opening embassies or are attempting to do so, this shows Bangladesh’s growing significance as an economic and political force. This may encourage other Latin American countries to open embassies or consulates and forge both diplomatic and trade affiliations with Bangladesh. Despite some potential challenges such as regional distance, language barriers, national interests, and complexities in opening Letters of Credit (LC), Bangladesh’s continuous efforts to bolster bilateral ties would possibly further open new ways for collaboration. There are also opportunities to improve people-to-people bonding, advertise Bangladeshi products, and provide prospects for future investment through academic exchange in higher education between Bangladesh and Latin American nations.
Bangladesh’s diplomatic relations with countries in Latin America expanded significantly in 2024. Bangladesh has a lot of potential in Latin America, where every market has a growing economy. Bangladesh’s efforts in 2024 demonstrate the close collaboration it has already been pursuing on a number of fronts. Latin American nations and Bangladesh are dedicated to bolstering their own national economies with mutual benefits and prosperity.
– Tahia Afra Jannati is a Research Intern at the KRF Center for Bangladesh and Global Affairs (CBGA).
