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PRC offers Bangladesh tariff exemption for 97% of exports

22
Jun '20
Pic: Shutterstock
Pic: Shutterstock
China recently announced tariff exemption for 97 per cent of Bangladeshi products effective from July 1, according to the Bangladesh government. The decision came a month after Prime Minister Sheikh Hasina and President Xi Jinping held a discussion to upgrade bilateral ties during the pandemic. In all 8,256 Bangladeshi products will come under that category.

At present, 3,095 Bangladeshi products enjoy duty-free access to China under the Asia-Pacific Trade Agreement (APTA), the Bangladesh ministry of foreign affairs said in a statement.

During the recent Asian-African Conference in Indonesia, Chinese president Xi announced that his country will grant duty free market access for 97 per cent of the tariff lines of least developed countries (LDCs) within a year.

This beneficial market access scheme will be applied only to imports from LDCs that have diplomatic relations with China.

According to Hafizur Rahman, joint secretary in the commerce ministry and chief of the WTO cell there, several good-quality Bangladeshi products and much cheaper compared to those of China can now find a place in the Chinese market.

Bangladesh Garment Manufacturers and Exporters Association president Rubana Huq said China used to earlier provide duty free access for 60 per cent items of Bangladesh of all the tariff lines under its LDC scheme through a WTO notification. When Bangladesh loses its LDC status, it will have to go for the Asia pacific Trade Agreement (APTA), she said.

However, Rahman clarified that the new facility will not be affected by Bangladesh’s graduation from the LDC status, according to Bangla media reports.

Fibre2Fashion News Desk (DS)


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