One of the ways to safeguard the economy is to pursue strengthening trade relations, particularly with our neighbouring countries. To that end, news that 98% of the Bangladeshi products being made available in China will now enjoy duty-free access is extremely positive news.
The fact that close to 9,000 Bangladeshi products will now enjoy access to the Chinese market with no duty imposed on them is testament to the authorities concerned remaining pro-active in taking measures to safeguard the economy, while continuing to bolster our export sector.
Such measures are extremely timely and necessary; with Bangladesh looking to graduate soon from a Least Developed Country to a middle income economy, there are numerous challenges that come with this graduation.
Despite the popular narrative, experts have rightfully voiced concerns that graduation from LDC is not always positive, and with the Covid-19 pandemic’s catastrophic effects, many economies who have graduated are now struggling, a reality that Bangladesh cannot afford as it has even grander ambitions than merely graduating to a middle-income nation.
Bangladesh must also keep an eye on the trade balance; Bangladesh's total imports from China in FY 2020-21 amounted to about $13 billion, and at the same time, it exported $681 million worth of goods. Increasing our exports is certainly a necessity, and there is hope that the authorities will continue to pursue the measures required to bolster our exports, not just in China, but all over the world.
