Trade ties with China to get into new stage, says Chinese ambssador

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Bangladesh can gain hugely from the vast Chinese market due to China's imports might exceed US$30 trillion in next 15 years.

With annual GDP growth of more than 6% for quite some time, Bangladesh will stay the most dynamic economies in South Asia and the world, says China.

Bangladesh can gain hugely from the huge Chinese market as China's imports might exceed US$30 trillion in up coming 15 years, says it is ambassador Li Jiming found in the capital on Tuesday.

"It'll be a win-win cooperation for China and Bangladesh to totally explore China's import capacity, meet up with the demand of the Chinese marketplace, and strengthen bilateral trade," he added.

"It's estimated that within the next 15 years, China's imports will exceed $30 trillion. China's import will continue steadily to maintain superb potential, providing a solid guarantee for China's economic development and an enormous market for high-quality items of Bangladesh," explained the ambassador.

He said the continuous production of bilateral trade may also provide a solid foundation for the realization of Bangladesh's development visions such as for example "Sonar Bangla" and "Digital Bangladesh."

The ambassador also said deepening cooperation in bilateral trade between China and Bangladesh is an inevitable choice to benefit the countrywide economies and livelihoods, improve the friendship between the two countries and effectively respond to the outbreak of the pandemic.

Ambassador Jiming said with the implementation of 97% zero tariff treatment, Bangladesh-China financial and trade cooperation will certainly enter a significant new stage.

In 1975, when diplomatic relations were established, the bilateral trade volume between Bangladesh was only $3.06 million.

While in 2019, the quantity reached $18.33 billion, a dramatic rise compared with that of the initial time, said Jiming.

At the same time, China is just about the largest trading spouse of Bangladesh, and Bangladesh the second largest trading spouse of China in South Asia, he said.

The trade volume between your two countries has maintained a relatively high level of growth during the past five years, with an evergrowing rate of 24.6%, highlighting the rapid advancement of economical cooperation between China and Bangladesh, explained the ambassador.

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Ambassador Jiming said China-Bangladesh monetary cooperation features been further consolidated beneath the Belt and Road Initiative, where the several countries provide each other with goods and offerings of excellent top quality and reasonable selling price, and truly bring a feeling of gain to the two peoples.

Trade damaged by Covid-19

According to statistics right from China, the trade quantity by January to April of 2020 among China and Bangladesh was $5.02 billion, 16% down weighed against the same period this past year.

The Chinese envoy said it is about time that the 97% zero tariff treatment turn out, which will certainly help the trade between your two countries to recuperate from the Covid-19 trauma, and enhance export from Bangladesh to China to ease the trade imbalances.

Giving a positive monetary outlook for Bangladesh, he said garment export sector may be the biggest advantageous sector of Bangladesh, accounting in most of the country's exports.

In 2019, he said, China imported textile, clothing and accessories from Bangladesh amounting to $590 million, accounting for approximately 57% of the full total import.

The export potential of Bangladesh lies in the need to develop making industry, break through the limitations of its industrial structure, continuously enhance the quality of export products and shift to raised value-added exports, Jiming said.

In the last 40 years, he explained, Bangladesh garment making industry has made great progress, and its own export volume has increased significantly.

However, the Ambassador explained, it nonetheless has great potential regarding the types of export commodities, the improvement of development effectiveness, the diversification of export commodities, the improvement of complex content of goods and the transfer of products with higher added value.

Furthermore, Jiming said, Bangladesh is abundant with agricultural products, livestock products, tropical fruits and seafood.
Source: https://www.dhakatribune.com

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