Export to grow
The extension of duty-free treatment to 99 percent of tariff-lines is expected to help Bangladesh further increase its exports to China. China last week announced to raise duty-free access to 99 percent of Bangladeshi products with effect from September 1 this year. The announcement came during the recent bilateral meeting between China and Bangladesh with Chinese State Councillor and Foreign Minister Wang Yi leading the Chinese delegation.
The Chinese Embassy is of the view that the latest move will further boost Bangladesh’s export to China. But what if the new products added to the list find no demand in China? That is why some perusal of the new tariff line is important.
Also you can read our another article about : Dhaka observes as Beijing hails Bangladesh’s ‘one-China’ principle
China had been providing duty-free facility to 97 percent of Bangladeshi products, including all garment products, since July 1, 2021. We now know that 383 new products, including leather items, have been added to the list now, thereby expanding the benefit to 99 percent of the products.
Here the Chinese side are keen to point to the addition of leather products from Bangladesh that will now enjoy duty free access to the huge Chinese market. Several kinds of basic leather products added into the zero-tariff lines are “good news” to Bangladeshi exporters in the leather industry, which the Chinese have been really playing up as an industry with huge potential in Bangladesh. Businessmen in the leather industry have already been focusing on the opportunity provided by the duty-free treatment, according Chinese Embassy’s press release. Programs are even underway to facilitate Chinese manufacturing enterprises related to leather products to form business relations with Bangladesh’s leather exporters, it said.
Bangladesh has many high-quality agricultural, livestock and fishery products too, many of which have been added to the list. Bangladesh’s Hilsha, mango, jackfruit, guava, honey, and beef are all listed as duty free products in both old and new tariff lines. Varied by different categories of tariff lines, compared with duty-free treatment on 97% tariff lines, there are several hundred products now added to the new list, some of these are agricultural products, crude oil of groundnut, crude cotton-seed oil, liquid crystal display panel, paper product, saloon cars and chemicals.
Bilateral ties to boost
After finishing his visit, Chinese Foreign Minister Wang Yi has stressed that the principle of non-interference in internal affairs is the “golden rule” for state-to-state relations and the “magic-tool” for developing countries to safeguard their sovereignty and security. “We appreciate those countries for their understanding and support for China’s position,” said the Chinese Foreign Ministry in a media release.
As unilateral bullying acts happen from time to time in today’s world, the international community should reach an even clearer consensus and speak even louder, so as to jointly uphold the basic norms governing international relations and international law, and safeguard the legitimate rights and interests of all developing countries. The world needs China’s strength and voice, and Bangladesh will stand firmly with China, Chinese Embassy said highlighting discussions between the two Foreign Ministers. During Wang Yi’s visit, the two sides agreed on strengthening cooperation in infrastructure, economic and industrial parks, and people-to-people and cultural exchanges, to expand cooperation in local currency settlement, 5G and clean energy. China welcomed more superior products from Bangladesh to the Chinese market.
Bangladesh expects to strengthen the alignment and cooperation between the “Sonar Bangla” dream and the Belt and Road Initiative, to speed up the achievement of Bangladesh’s vision and goals.