After last month’s Asia Cup final in Dhaka, Pakistan captain Misbahul Haq was relieved as well as gracious. While lifting the trophy, he said that the real winners of the competition had been Bangladesh. An educated man with intelligence, insight, and wisdom, Misbah was conveying an erudite sentiment that would have found many assenters—not just in Bangladesh, but indeed in Pakistan as well.

Misbah’s cultured comments confirm that Bangladesh are enjoying a new level of respect and regard in world cricket. They have been playing international cricket since 1986 but have traditionally found it difficult to compete alongside the frontline teams. Their first-ever ODI was against Pakistan in the 1986 Asia Cup held in Sri Lanka, when they lost by seven wickets after Imran Khan, Wasim Akram, and Abdul Qadir had bundled them out for 94.

Since then, they have played 262 ODIs, with a win-loss ratio of 0.38. Starting in 2006, they have also played 18 T20 internationals, for a win-loss ratio of 0.28. It is in the Test arena where Bangladesh have struggled the most—not surprising, since Test cricket is the most demanding form of the game. In 73 Tests, they have lost 63, drawn seven, and won three, for a barely detectable win-loss ratio of 0.04. Many of their defeats have been rather one-sided—35 by an innings margin, 11 by a hundred runs or more, and another 10 by eight wickets or more. Collectively, these numbers point to an unflattering spot in the ICC rankings—9th out of nine in Tests (Zimbabwe is currently unranked), 9th out of 13 in ODIs, and unranked in T20s due to insufficient number of matches.

Despite this disappointing record, Bangladesh caught everybody’s attention through the 2012 Asia Cup, in which they made an articulate statement about their ability and ambition. It may be premature to speak of the arrival of Bangladesh, in the sense that it is still a long way to go before they can be considered an elite team. But their achievements in the Asia Cup, in which they beat Sri Lanka and India and gave a tough time to Pakistan, cannot be trivialised. In fact, they had the upper hand going into the last over of the tournament, and it was only bad luck that they found themselves facing a team like Pakistan, which is known for holding its nerve in a cliffhanger.

Several aspects of Bangladesh’s performance confirm an emerging trajectory. They played with talent and flair in all departments of the game, they repeatedly rose to meet challenges head-on, and they were passionately cheered by capacity crowds throughout. With smart governance and high-quality professional coaching (as is being provided by their current coach, the Australian Stuart Law), it will not be long before they are racking up victories more consistently and producing players who can rub shoulders with the best.

Already, they have in their midst a world-class player like Shakib Al Hasan, who is the number one ODI all-rounder in the ICC rankings. They also have a debonair opening batsman in Tamim Iqbal, named one of Wisden’s cricketers of the year in 2010. Then there is Nasir Hossain, an attacking middle-order batsman with an eye-catching ODI average of 41.90, whom any major team would be pleased to select. Doubtless scores of young Bangladeshis are getting inspired by these role models. It is the nature of any activity that once you put your mind to it with discipline, determination, dedication, and focus, you will excel in it before long. This is beginning to happen with cricket in Bangladesh.

Pakistani fans harbour mixed feelings towards Bangladesh after the Bangladesh Cricket Board protested Pakistan’s victory in the final on a technicality. This may have been in poor taste, but one should not begrudge them this gesture. They had come tantalisingly close to a new peak of cricket achievement, only to be denied in the dying moments. That is an incendiary scenario in which anyone’s emotions can spill over.

It is important to take a broad view on this, because the cricketing rise of Bangladesh has the potential to fundamentally reshape South Asia’s regional cricket dynamics, which are perpetually hamstrung by the fractious relationship between India and Pakistan. Bangladesh has already successfully launched its own T20 premier league, in which Pakistani players have been welcomed to great acclaim, making the frosty attitude of the Indian Premier League towards Pakistani players rather irrelevant.

In the long-run, it is not difficult to see Pakistan developing a cricketing rivalry with an accomplished Bangladesh team—a rivalry that could well eclipse the traditional one with India. As with India, we share a bitter and bloody history with Bangladesh, so the context is very much in place. At the moment, Pakistanis may find it hard to conceive of Bangladesh as a cricketing archrival, but a few sharp defeats at Bangladeshi hands will transform that complexion very quickly. They have not beaten us since 1999, but it is only a matter of time before they start doing so. Once that happens, a passionate cricket feud between Bangladesh and Pakistan will rise as surely as flames from a fire.