97% Bangladeshi goods get duty free access in China

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As many as 97% Bangladeshi goods, in a goods list basket, will love duty totally free access in the Chinese industry effective from July 1, according to Bangladesh officials.

The chance of zero duty in the pandemic is likely to bring new chance of Bangladeshi exporters and businesses, said top officials in Bangladesh.

The development came carrying out a formal approach of the Bangladeshi Foreign Ministry which has finally been approved by the Express Council of the Chinese Financing Ministry, said a press statement by Bangladesh's Foreign Ministry on Friday.

Bangladesh's highest import is being done from China whereas Bangladesh is still lagging behind manifolds with regards to exporting things to China, in line with the available data.

Based on the Federation of Bangladesh Chambers of Commerce and Industries, the trade volume among China and Bangladesh was around $14.68 billion in 2018-19 fiscal year.

And, of the full total trade count, there is import trade of $13.86 billion and export of $831 million.

"We still import a lot more than export from China, it'll create more possibilities to reduce the trade deficit," Md. Obaidul Azam, an additional secretary at the Bangladeshi Commerce Ministry advised Anadolu Agency.

Also, potential enlarging of Bangladeshi exporters and businesses are important in this regard, Azam added.

And, this will help the united states as its economy was already reach by the pandemic. Bangladesh on Friday reported 45 new deaths and 3,243 fresh instances, surging the full total confirmed circumstances to 105,535 and fatalities to at least one 1,388.

Bangladesh will get the zero treatment due to a Least Developed Country, and 8,256 Bangladeshi products will come under treatment due to some 3,095 items are already enjoying duty free gain access to under the Asia-Pacific Trade Agreement, it again added.

“Business will surely see a large jump with the most recent 97% duty free usage of the products,” Borhan Uddin, the director-standard for East Asia and Asia-Pacific found in the Bangladeshi Foreign Ministry, told Anadolu Agency.

Uddin added: “Defiantly, it’s an excellent register pandemic. And we for a long period were examining the access and working with the country, and can work to nourish the bilateral relationship.”
Source: https://www.aa.com.tr

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