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Experts for taking full benefit of duty-free market access in China

Bangladesh Beyond
  • Updated on Wednesday, June 8, 2022
  • 211 Impressed

Experts for taking full benefit of duty-free market access in China

DHAKA, June 08, 2022 (BSS) –

Experts at a seminar today underscored the need for taking full benefits of duty-free access to the Chinese market.
 
They observed that despite obtaining almost 98 per cent duty-free market access in China, Bangladesh can’t yet take the opportunities properly due to lack of aggressive export promoting activities, building a solid B2B linkage, establishing a local presence, and participating in online sales.

They suggested focusing on product quality and diversification, and signing a trade agreement to boost Chinese investment-backed export expansion.

The observations were made at the seminar on ‘Making the Most of Market Access in China: What Needs to be Done?’ jointly organized by Bangladesh China Chamber of Commerce and Industry (BCCCI) and Research and Policy Integration for Development (RAPID) at Pan Pacific Sonargaon in the city, said a press release.
 
Speaking at the event, Commerce minister Tipu Munshi said, “Our apparels are exported more to USA and European countries but the volume is lower in Chinese market. We have to work and make proper strategy to take the opportunities.”

“Bangladesh is going to graduate from LDC by 2026. Now we need a comprehensive action plan. Besides, the gaps in different sectors should be addressed soon. And, more and more fairs and branding of our products are also required,” he added.
Ambassador of China to Bangladesh Li Jiming hoped that Bangladesh would be a member of Regional Comprehensive Economic Partnership (RCEP) soon which will help Bangladesh to promote export and welfare by trade and investment facilitation.

“The relationship between Bangladesh and China is well in trade and investment. However, Chinese commercial bank can be set up in Bangladesh for the sake of financial cooperation more. There are a lot of projects taken by Chinese companies in Bangladesh. Many mega projects will also complete soon,” he added.

Jiming also said, “Bangladesh has a brighter future. There is a meaningful industrialisation. China government provides Bangladesh zero tariff export facilities. It’s very crucial. We are working G2G as well.”

Presenting a key-note paper, RAPID chairman Dr Mohammad Abdur Razzaque said despite obtaining zero-tariff market access facility for most products, Bangladesh’s exports to China remain rather modest. Since 2021, China has provided Bangladesh duty-free market access in almost 98 per cent of tariff lines. Prior to that, Bangladesh used to get similar market access in 61 per cent of Chinese tariff lines.

“Bangladesh exported to China $680 million in 2021 FY while Bangladesh imports around $13 billion from China each year. Bangladesh’s potential exports to China should be at least $3 billion,” the economist informed.

He said china is leading science and technology. China imports products from different countries every year worth around $2.7 trillion dollars. So, it has a huge market.

“With the LDC graduation in 2026, duty-free benefits will end. Bangladesh should negotiate a trade agreement with China. As part of the agreement, China can consider Bangladesh as a regional manufacturing hub to supply to other markets,” the economist added.

He further said that Chinese consumers are focusing more on high-quality products. Bangladesh should develop a long-term strategy for export promotion to Chinese market as China will soon emerge as the world’s largest retail market.

RAPID executive director and also Dhaka University professor Dr M Abu Eusuf moderated the function and BCCCI president Gazi Golam Murtoza was in chair.

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