According to Bangladesh’s “Daily Star” report on January 20, according to data from the Bangladesh Export Promotion Agency, on July 1, 2020, China provided Bangladesh with 97% of its exports to China. After zero-tariff treatment, Bangladesh’s exports to China increased. From January to June 2020, Bangladesh’s exports to China were US$238.77 million, and from July to December 2020, Bangladesh’s exports to China were US$327.38 million.
Razaq, director of the Bangladesh think tank Policy Research Institute, said that China imports US$2.1 trillion worth of goods from the world every year, and this import volume is expected to increase in the next 10 years. 1 times. If Bangladesh can work hard to increase exports to China and account for 1% of China’s imports, it will have an annual export potential of US$26 billion to China. Currently, Bangladesh’s exports to China account for only 0.05% of China’s imports. In comparison, Vietnam’s exports to China account for 3% of China’s imports. To increase Bangladesh’s exports to China, it needs to increase the types of export commodities, especially those in the zero-tariff catalog of 97% of goods exported to China. And Bangladesh should vigorously attract Chinese companies to invest in Bangladesh, because the 97% zero-tariff preference is also a huge benefit to attract Chinese companies to invest in Bangladesh and expand Bangladesh’s exports to China.
Lubna Haque, president of the Bangladesh Garment Processing and Export Association, said that the Bangladeshi business community is very grateful to China for granting zero-tariff treatment to 97% of Bangladeshi products exported to China. China’s exports of ready-made garments to China are increasing. Expanding the categories of Bangladesh’s exports to China is vital to Bangladesh and can help Bangladesh better utilize the benefits brought by this preferential policy.
Saif Islam, chairman of the Bangladesh Leather Footwear Manufacturers and Exporters Association, said that 97% of the goods exported to China include high value-added leather and Leather products, but there are shortcomings in the local manufacturing level of Bangladesh. Bangladesh welcomes Chinese capital to invest in Bangladesh’s leather and leather products industry, drive local employment in Bangladesh, drive technology transfer to Bangladesh, and improve the technical level of local leather products in Bangladesh.
Akali David, senior vice president of the Bangladesh-China Chamber of Commerce and Industry, also said that zero-tariff treatment for goods exported to China is a huge business opportunity for Bangladesh.
Jafar Uddin, Permanent Secretary of the Ministry of Commerce of Bangladesh, also said that Bangladesh has begun to benefit from China’s trade and tariff treatment. </p
