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Product diversification, signing TA stressed to boost export to China


Published : 08 Jun 2022 09:05 PM

Despite obtaining almost 98 per cent duty-free market access in China, Bangladesh can’t take the opportunities properly yet due to lack of aggressive export promoting activities, building a solid B2B linkage, establishing a local presence, and participating in online sales.

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

The observations were come up 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 Dhaka on Wednesday. 

Speaking at the event, Ambassador of China to Bangladesh Li Jiming hoped that Bangladesh would be 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 under taking 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 a very crucial. We are working G2G as well.”

Commerce minister Tipu Munshi said, “Our apparels are exported more in 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 LDC by 2026. Now we need a comprehensive action plan. Besides, the gabs in different sectors should be addressed soon. And, more and more fairs and branding of our products are also requirement,” he added.

Presenting Key-note paper, RAPID chairman Dr. Mohammad AbdurRazzaque said despite obtaining zero-tariff market access facility to 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.  RAPID executive director and also Dhaka University professor Dr M Abu Eusuf moderated the function and BCCCI president Gazi Golam Murtoza was chair there.