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China will give duty free market to Bangladesh
China will provide 100% duty-free market facilities to Bangladesh from December 1. On Monday (23 September), the Chinese Embassy in Dhaka announced this information in a statement.
It is said that on September 5, President Xi Jinping announced 100 percent duty-free market facilities to least developed (LDC) countries at the China-Africa summit. From the date of establishment of diplomatic relations between Bangladesh and China on 1 December 2024, Bangladesh will get 100% duty-free market facilities.
It further states that the zero-duty regime for products subject to tariff quota management will be applicable only for products within the quota amount. Goods exceeding the quota amount will be subject to basic duty rates.
Beijing is Dhaka’s biggest trading partner. Bangladesh imported goods worth 18.6 billion dollars from China last financial year. On the other hand, goods worth 676 million dollars were exported from Bangladesh to China.
Incidentally, in 2020, 97 percent of Bangladeshi goods would get duty-free benefits. China increased it to 98 percent in 2022. Among the duty-free products were 383 new products including leather and leather products.