5,161 more Bangladeshi products to enjoy zero tariff to Chinese markets from July 1
Chinese government has granted duty-free access to 97% Bangladeshi products to its market from July 1 while Dhaka termed it as a success of Bangladesh’s economic diplomacy.
As part of the government’s economic diplomacy and the outcome of exchange of letters between Bangladesh and China, Tariff Commission of the Chinese State Council issued a notice recently on granting zero treatment to 97% of tariff products of Bangladesh, a foreign ministry press release said on Friday.
Bangladesh has been granted the facility as a Least Developed Country (LDC) that includes 5,161 more Bangladeshi products to enjoy zero tariff treatment in the Chinese market, reports BSS.
Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia – Pacific Trade Agreement (APTA).
With the new announcement, 97% of Bangladeshi products will join this zero-tariff club from July 1 that raised the numbers of Bangladeshi products with zero duty access to Chinese market to 8256.
During the Asian-African Conference which took place this week in Indonesia, Chinese president Xi Jinping announced that China will grant duty free market access for LDCs 97% of the tariff lines within the year.
This beneficial market access scheme will be applied only for imports from LDCs that have diplomatic relations with China.