Bangladesh Gains Zero-Tariff Access to China from December 2024

Rtv News

23 Sep 2024, 18:37

Photo: Collected

In a major development for Bangladesh’s trade prospects, the country will enjoy zero-tariff treatment for 100 percent of its export products to China starting December 1, 2024. This announcement comes as part of China’s broader policy to offer preferential trade terms to Least Developed Countries (LDCs) that have diplomatic relations with Beijing, a move that was highlighted during President Xi Jinping’s keynote address at the Beijing Summit of the Forum on China-Africa Cooperation on September 5, 2024.

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President Xi declared that China would voluntarily and unilaterally expand its market access for LDCs, including 33 African nations, by eliminating tariffs on all export lines. This marks a significant step in China’s efforts to support LDCs, making it the first major developing country and global economy to adopt such an inclusive trade policy.

Following the president's announcement, the Office of the Customs Tariff Commission of China’s State Council issued an official notification confirming the implementation of a zero-preferential tariff rate for 100 percent of tariff lines originating from LDCs starting in December. The policy aims to enhance trade cooperation and promote shared economic growth with these nations.

However, for products under China’s tariff quota management system, the zero-tariff treatment will apply only to the portion of goods within the quota limit. Any goods exceeding the set quota will still be subject to the standard tax rate.

As a Least Developed Country, Bangladesh is set to benefit from this historic move, allowing it to export all its products to the Chinese market without facing tariff barriers. This is expected to provide a significant boost to Bangladesh’s trade, potentially increasing its exports of goods like textiles, garments, and agricultural products to the world’s second-largest economy.

China has been Bangladesh's largest trading partner, and this zero-tariff initiative is expected to further deepen bilateral economic ties. Analysts see this policy as an opportunity for Bangladesh to diversify its export portfolio and increase its global competitiveness.

This preferential access could provide a major boost to the country’s economy, especially in sectors that have been struggling to compete in international markets due to high tariffs. By reducing trade costs, Bangladesh may now be able to significantly scale up its exports to China, leading to increased revenue and job creation in the local economy.

The Chinese initiative is also seen as a key part of the Global South’s push toward more equitable trade relations, promoting development for less economically advanced countries while fostering stronger diplomatic and economic ties between China and the LDCs.

With zero-tariff treatment set to take effect on December 1, 2024, Bangladesh’s business community is optimistic that this new market access will unlock further growth opportunities for the country’s exports and strengthen its position in the global trade arena.

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