Dhaka, Sep 13 (FN Agency) Products from Bangladesh and other Least Developed Countries (LDCs) would be eligible for 100 percent duty-free entry in China, a media report said. The decision was communicated by Chinese Ambassador to Bangladesh Yao Wen to Bangladesh Foreign Secretary Jashim Uddin at a meeting at the foreign ministry on Thursday. “The Chinese ambassador said in the Sino-Africa summit in early September that China had decided to provide a 100 percent tariff line to LDCs, including Bangladesh,” Jashim told reporters. According to The Daily Star, in 2022, China provided duty-free access to 98% of Bangladeshi commodities, including 383 new products, primarily leather and leather goods. In 2020, it accounted for 97% of Bangladeshi products. China is Bangladesh’s top trade partner. In fiscal year 2022-23, it exported more than dollar 18.6 billion worth of goods to Bangladesh, while Bangladesh exported over dollar 676 million to China. According to Jashim, China was the source of the majority of foreign direct investment following the creation of the interim administration, which totalled around dollar 8 million. “We are expecting an increase in our exports to China,” he said, adding that the procedure to export mangoes from Bangladesh is almost complete. “We can export mangoes to China from next year,” the foreign secretary said, adding that Bangladesh was working with China to export other fruits like jackfruits and guavas.
In FY20, China purchased dollar 2.4 trillion in products, with Bangladeshi exports accounting for only 0.05 percent, demonstrating the vast potential for commerce in the Chinese market. In a report, M A Razzaque, head of the Research and Policy Integration for Development, stated that Bangladesh might earn dollar 25 billion in exports if it could capture only one percent of what China purchases. To grow exports to China, experts believe Bangladesh would need to diversify its export basket, which is primarily based on the textile sector. “We also discussed regional and multilateral issues. We also discussed supporting each other in international forums,” Jashim said. He also mentioned that Yao Wen had offered to help with flood management. Next year will be the 50th anniversary of China-Bangladesh diplomatic ties, he said.