“We are very happy that the Chinese government has granted zero-tariff treatment to 4,721 types of export commodities from Bangladesh. This shows China’s deep friendship with Bangladesh and we are very grateful for it,” Bangladesh Commerce Minister Farooq Khan said on July 1 Said this in an exclusive interview.
With the approval of the State Council of China, the Tariff Commission of the State Council decided to grant zero-tariff treatment to 4,762 tax items originating from 33 least developed countries exported to China starting from July 1, 2010. Specifically for Bangladesh, a total of 4,721 types of export commodities to China enjoy zero-tariff treatment.
Farooq Khan said that among the 4,721 commodities, there are many Bangladeshi advantageous export commodities, such as clothing, seafood and jute. After implementing this measure, Bangladesh’s exports to China are expected to increase by 20-25%.
Data provided by the Economic and Commercial Office of the Chinese Embassy in Bangladesh show that the trade volume between China and Bangladesh in 2009 was US$4.582 billion, of which China’s exports to Bangladesh were US$4.441 billion and imports were US$141 million.
Bangladesh’s garment export industry is the industry that earns the most foreign exchange in the country. In the fiscal year 2008-2009 (July 2008 to June 2009), Bangladesh’s garment exports earned US$12.3 billion, accounting for 79% of the total export earnings.
Farooq Khan said that textile and clothing products are included in the list of goods entitled to zero-tariff treatment given by the Chinese government, which will greatly promote the development of Bangladesh’s garment industry and garment exports. He also said that the Bangladesh government is working hard to improve the investment environment and hopes that more Chinese companies will invest in Bangladesh’s information technology, textile and infrastructure fields.
Farooq Khan said: “I have visited China. China’s infrastructure construction is very complete, especially the highway construction technology is very advanced. I hope China can help us improve our traffic conditions.”
Talking about the trade relations between the two countries, Farooq Khan said that the economic relations between the two countries are developing well and the bilateral trade volume has increased significantly in the past few years. China is currently Bangladesh’s largest exporter. Although Bangladesh has a serious trade deficit with China, it will not have a negative impact on the trade relations between the two countries. “We like China’s high-quality and low-price goods, so we import Chinese goods.”
Talking about the friendship between Bangladesh and China, he said that the friendship between the two countries can be traced back thousands of years. China’s many selfless aids to Bangladesh show that China is a trustworthy friend of Bangladesh.
Farooq Khan said that the governments and people of Bangladesh and China understand and support each other, and have good cooperation in political, economic, social and cultural aspects. He said that Bangladesh Prime Minister Sheikh Hasina’s visit to China in March and Chinese Vice President Xi Jinping’s visit to Bangladesh in June achieved remarkable results and are of historic significance to both countries. The relationship between Bangladesh and China as brothers and friends will continue to develop.
