In order to strengthen bilateral relationship between China and Bangladesh,China has provided a huge trade boost to the country by announcing tariff exemption for 97 per cent of Bangladeshi products effective from July 1.
The decision has come one month after Bangladesh Prime Minister Sheikh Hasina and Chinese President Xi Jinping held a discussion to upgrade their bilateral relations during the Covid-19 pandemic.
With the announcement made by the state council of Ministry of Finance of China, 8,256 Bangladeshi products will come under the 97 percent of products that would be exempted from tariff.
Bangladesh described it as a success of its economic diplomacy and the outcome of exchange of letters between Bangladesh and China, Tariff Commission of the Chinese State Council issued a notice recently on granting zero treatment to 97 per cent of tariff products of Bangladesh,
‘We are glad to inform that as part of our economic diplomacy and the consequent outcome of exchange of letters between Bangladesh and China, tariff commission of the state council of Ministry of Finance of the People’s Republic of China issued a notice on granting zero treatment to 97 percent of tariff products of Bangladesh,’ said an official at the Ministry of Foreign Affairs.
Bangladeshi products enjoy duty-free access:
Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA). With the new announcement, 97 per cent of Bangladeshi products will join this zero-tariff club from July 1 that raised the numbers of Bangladeshi products with zero duty access to Chinese market to 8,256.
During the recent Asian-African Conference in Indonesia, Chinese president Xi announced that his country will grant duty free market access for 97 per cent of the tariff lines of least developed countries (LDCs) within a year.
This beneficial market access scheme will be applied only to imports from LDCs that have diplomatic relations with China.