Bangladesh is getting the opportunity to export 97 percent of its products to China at zero duty. This benefit will be available under China’s proposed ‘Zero Tariff Scheme’ for Least Developed Countries. This decision will be effective from July 1. As a result, 8,256 Bangladeshi products will get duty-free and quota-free access to China. Efforts are being made to ensure that this facility continues even after Bangladesh has become a middle-income country.
China’s State Council Tariff Commission has announced that it will provide duty-free access to Bangladesh. In this regard, Foreign Minister AK Abdul Momen told the media on Thursday (June 18, 2020) that it is very good news that China will provide duty-free and quota-free facilities on 97 percent of its products.
It is known that China will provide this facility to 8,256 products in three product categories. The first category is ‘Beneficiary Country Less Developed’ under which 5,161 products, the second category ‘Beneficiary Country Less Developed-1’ under which 2,911 products and under ‘Benefited Country Less Developed-2’ 184 products will get duty free benefits.
Analysts say China’s decision could boost Bangladesh’s export earnings by USD 70 crore. At the same time it may be possible to attract more foreign investors.