Bangladeshi products to get duty-free access to China from July 1...

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Bangladeshi products to get duty-free access to China from July 1

 Staff Correspondent daily-bangladesh.com

 Published: 05:04 PM, 19 June 2020   Updated: 05:13 PM, 19 June 2020

Bangladeshi products to get duty-free access to China from July 1

Bangladeshi products to get duty-free access to China from July 1

Chinese government has granted duty-free access to 97 percent Bangladeshi products to its market from July 1 while Dhaka termed it as a success of Bangladesh’s economic diplomacy.

As part of the government’s economic diplomacy and the outcome of the exchange of letters between Bangladesh and China, Tariff Commission of the Chinese State Council issued a notice recently on granting zero treatment to 97 percent of tariff products of Bangladesh, a foreign ministry press release said today.

Bangladesh has been granted the facility as a Least Developed Country (LDC) that includes 5,161 more Bangladeshi products to enjoy zero-tariff treatment in the Chinese market.

Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia – Pacific Trade Agreement (APTA).

With the new announcement, 97 percent 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 8256.

During the Asian-African Conference which took place this week in Indonesia, Chinese president Xi Jinping announced that China will grant duty free market access for LDCs 97 per cent of the tariff lines within the year.

This beneficial market access scheme will be applied only for imports from LDCs that have diplomatic relations with China.

The Ministry of Commerce has also taken steps to sign free trade agreements and preferential trade agreements with various countries to meet the challenge of transitioning from the least developed country to developing countries. Agreements with Bhutan, Nepal and Indonesia are in the final stages. Talks are also underway with Thailand, Malaysia, South American allies, and Eastern European trade alliances.

DailyBangladesh/SA