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China provides tariff exemption for 97% of exports from Bangladesh

Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA).

Bangladesh | China | Sheikh Hasina

Press Trust of India  |  Dhaka 

Bangladesh PM Sheikh Hasina | Wikimedia Commons
Bangladesh PM Sheikh Hasina | Wikimedia Commons

In a bid to woo Bangladesh, has provided a huge trade boost to the country by announcing tariff exemption for 97 per cent of Bangladeshi products effective from July 1.

The decision has come one month after Prime Minister and Chinese President held a discussion to upgrade their bilateral relations during the Covid-19 pandemic.

The Ministry of Foreign Affairs of announced on Friday that 97 per cent of items would be exempted of Chinese tariffs.

As part of the government's economic diplomacy and the outcome of exchange of letters between and China, Tariff Commission of the Chinese State Council issued a notice recently on granting zero treatment to 97 per cent of tariff products of Bangladesh, the Dhaka Tribune reported, quoting the ministry's statement.

With this announcement, a total of 8,256 Bangladeshi products will come under the 97 per cent of products that would be exempted from tariff.

Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA). With the new announcement, 97 per cent of Bangladeshi products will join this zero-tariff club from July 1 that raised the numbers of Bangladeshi products with zero duty access to Chinese market to 8,256, the report said.

During the Asian-African Conference which took place this week in Indonesia, Chinese president Xi announced that will grant duty free market access for Least Developed Countries (LDC) 97 per cent of the tariff lines within a year.

This beneficial market access scheme will be applied only for imports from LDCs that have diplomatic relations with

China's tariff exemption is expected to help Bangladesh cushion the economic impact of the Covid-19 pandemic.

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First Published: Sat, June 20 2020. 18:10 IST