Very nice. To answer your question about what ethnic style it evokes, I would say that from a purely technical standpoint, there's very little inherent to any specific foreign style - it's a pretty straightforward minor key tune that could come from anywhere. The"ethnicity" for me comes in the choice of the guitar and the style it's played, which sounds Spanish, but play this song on some other instrument and the ethnicity would be pretty much gone.
I like the classical beginning a lot, and I like how you used the same idea at the end like bookends. But I'm not crazy about the tempo change for the coda, seems arbitrary and not organic to the rest of it. I jumped back and forth between the opening and the coda a few times, and they don't seem to be blood relations. I might try to make more clear thematic connections between the two bookends. It sort of feels like you had those bits lying around and just wanted to use them in something.
Actually, you know what was evoked for me more than any ethnic music? The Beatles' "And I Love Her". During the actual song, when the guitars are just backup, I hear a ton of that early acoustic Beatles sound. Plus the sticks play in almost the exact rhythm that they are in that song. Funny!
Speaking to the recording, I hear an abrupt gating on the guitar in the opening part, though once the song gets going there's nowhere else where the gate would kick in so I didn't notice it anywhere else.
It took me to the third time through before I even noticed there were bongos in there. EQ those and bring them up, they're cool. The mix seems heavy on the low end in general, so maybe taking that down a bit would help things feel "airier".
I wanted it to be maybe a minute shorter, but I think a clearer structure and some more "air" in the mix might fix that.
Is that a harpsichord starting at 2:32, or another guitar? It just made me think a harpsichord would be lovely in there.
Great job.