Chinese President Xi Jinping has announced that China will voluntarily and unilaterally open its market wider, and has decided to give all LDCs having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 per cent tariff lines.
The Chinese president made this announcement in his keynote address at the opening ceremony of the Beijing Summit of the Forum on China-Africa Cooperation on September 5, 2024. This has made China the first major developing country and the first major economy to take such a step.
Recently, the office of the customs tariff commission of the state council of China issued an announcement. In order to expand unilateral opening up to LDCs and achieve common development, zero preferential tariff rate will be applied to 100 per cent of the tariff lines originating from LDCs that have diplomatic relations with China from 1 December, 2024.
For the products subject to tariff quota management, zero-tariff treatment only applies to the portion of products within the quota quantity. The portion of products exceeding the quota quantity shall still be subject to the original tax rate. As an LDC, Bangladesh will enjoy zero-tariff treatment for 100 per cent tariff lines exported to China starting from 1 December, 2024.
Announcement of the Office of the Customs Tariff Commission of the State Council of China on giving all LDCs having diplomatic relations with China zero-tariff treatment for 100 per cent tariff lines (customs tariff commission announcement number 9, 2024).
