China vows to provide Bangladesh duty-free trade facilities...

Dhaka, Saturday   05 December 2020

China vows to provide Bangladesh duty-free trade facilities

 Staff Correspondent

 Published: 08:44 PM, 2 October 2020   Updated: 10:09 PM, 2 October 2020

File Photo

File Photo

China has declared to bring a huge change in its trade policy towards Bangladesh to bring a trade balance in Bangladesh. Besides, they want to be a partner of the upswing development of Bangladesh by providing duty-free trade facilities in their market.

Trade imbalances of Bangladesh will be reduced as China grants zero preferential tariffs on 97 percent of goods produced in Bangladesh; wrote Liu Zhenhua, economic and trade counselor at the Chinese embassy in Dhaka, in an article on the occasion of the 45th anniversary of the establishment of diplomatic relations between China and Bangladesh, the Chinese embassy in Dhaka said on Friday.

At the same time, Liu Zhenhua also expressed that, China will help Bangladesh to recover post Pandemic economic development in the future.

He said economic and trade cooperation between China and Bangladesh has been maintaining long-term and stable growth.

In the article, presenting the main China-funded major infrastructure projects in the fields of transportation, power, high-technology, and other functionalities as a basis for cooperation, Zhenhua showed how China is serving Bangladesh's social and economic development.

Zhenhua said the total flow of investment from China to Bangladesh for the fiscal year 2018 and three consecutive fiscal years, is in the first place among all FDI sources in Bangladesh. Referring to this information, he commented in the article that China-Bangladesh cooperation in trade and investment is likely to be further expanded and deepened. In particular, he noted that since July 1, China has granted zero-preferential tariffs on 97 percent of taxable goods produced in Bangladesh, which will help reduce trade imbalances and contribute to Bangladesh's social and economic development in the aftermath of the COVID epidemic.

Zhenhua discussed China's important role in human resource development in Bangladesh through various training programs. China is considering the possibility of conducting virtual training for Bangladeshis during the epidemic.

He said there is immense potential for cooperation between the two countries in areas such as economy, technology, climate change, poverty reduction, public health, human resource development. China will stand by the people of Bangladesh in achieving sustainable development. Zhenhua pledged to take economic and trade cooperation between the two countries to a higher level.