Zero tariffs: With the inclusion of 383 new products, Bangladesh is set to enjoy duty-free access of 98% of its products to China, one of the largest global economies in the world and the largest in Asia.
Bangladeshi products especially leather and leather goods are now under the zero-treatment list.
In a diplomatic written communication format known as a note verbale, the Chinese embassy on Wednesday.
Imported goods originating from Bangladesh to promote the economic development of China and Bangladesh.
Chinese Ambassador to Bangladesh Li Jiming has already signed the document on behalf of the Chinese government.
Commerce Secretary Tapan Kanti Ghosh confirmed the matter to Dhaka Tribune yesterday.
It would be appreciated if the Bangladesh government could complete the signing of the letter of exchange.
The enterprises and the people of Bangladesh to benefit from the special tariff treatment soon.
According to the Additional secretary to the Commerce Ministry Noor Md Mahbubul Haq.
That was written in Chinese, which has been newly added to the duty Zero tariffs list.
However, leather and leather goods have been included in the list as per the Commerce Ministry official’s assurance.
Shahidullah Azim, vice-president of the BGMEA said that although China offers zero-tariff access for a number.
The export of Bangladesh to China declined by 21.04% in the first half of the Zero tariffs.
China usually meets its own demands with its own clothing items,” he added.
In 2020, China offered 97% of Bangladeshi products duty-free access to its market and 8,547 Bangladeshi products.
Treatment but some leather goods, a major exportable to China, were left out of the facility.
According to the Bangladesh Bank, Bangladesh’s total imports from China in FY 2020-21 amounted to about $13 billion.
As a single country, Bangladesh imports the most from China, while its exports to the Chinese market are very low.
The country’s duty-free export facility increased from the first day of the last fiscal year, but exports to the destination have not gone up much.