DHAKA, Jun 10 (NNN-BSS) – Bangladeshi businesses sought ways to promote trade ties with China, as China has been opening up wider.
At a seminar on trade with China on Wednesday, Mohammad Abdur Razzaque, chairman of the local think-tank Research and Policy Integration for Development, said, Bangladesh should develop a long-term strategy for export promotion to China, and consider improving the diversification of export products and their quality.
“We’re looking for investment from China in our fast-growing IT sector, especially in the highly technology-involved sectors … Let’s make Bangladesh the kitchen for Chinese hi-tech products and export these back to China,” said Al Mamun Mridha, acting secretary-general of the Bangladesh-China Chamber of Commerce.
A. H. M. Ahsan, vice chairman of the Bangladesh Export Promotion Bureau, stressed the need for preparation to grab a bigger market share of Chinese imports, saying, Bangladeshi exporters should understand well, tastes of the new generation of Chinese consumers.
Bangladeshi Commerce Minister, Tipu Munshi called for “30 to 50-year plans, to bolster our export to China,” saying, Bangladesh and China will get further trade benefits by signing free trade agreements.
Chinese Ambassador to Bangladesh, Li Jiming said, China is all set to increase duty benefits for Bangladesh, granting one percentage point more Bangladeshi product access to Chinese market.
The duty-free treatment of 97 percent of Bangladeshi export to China has come into effect on July 1, 2020, said the Chinese envoy.
“The documents for the duty-free treatment of 98 percent tariff lines goods have been signed. After related procedures, it will come into effect soon,” he added.
According to the Chinese envoy, bilateral trade volume between the countries grew to more than 25 billion U.S. dollars last year, registering a growth rate of 58 percent. Bangladesh’s export to China exceeded one billion dollars for the first time last year.– NNN-BSS
