On Friday, Bangladesh’s Foreign Ministry stated that effective on July 1, up to 97% of Bangladeshi products will be granted duty-free access in the Chinese market. This opportunity gives Bangladesh a fresh air amidst the pandemic-hit economy.
Bangladesh will obtain the zero treatment as a Least Developed Country. About 8,256 Bangladeshi products will come under treatment as some 3,095 products have already gained duty-free access under the Asia-Pacific Trade Agreement.
The development came following a formal approach of the Bangladeshi Foreign Ministry which has finally been approved by the State Council of the Chinese Finance Ministry.
All these years, Bangladesh’s trade balance with China is very much imbalanced as the country imported USD13.86 billion and exported USD831 million in the 2018-2019 fiscal year.
Md. Obaidul Azam, an additional secretary at the Bangladeshi Commerce Ministry commented, “The access will create more possibilities to minimize the trade deficit."
Bangladeshi economy has already been hit hard by the coronavirus pandemic. On Friday, the country reported 45 new deaths and 3,243 fresh cases, surging the total confirmed cases to 105,535 and fatalities to 1,388.
