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Bangladesh yet to reap full benefits of Chinese market facilities: Experts

Staff Correspondent
08 Jun 2022 16:54:35 | Update: 08 Jun 2022 17:03:39
Bangladesh yet to reap full benefits of Chinese market facilities: Experts
— Courtesy Photo

Despite getting almost 98 per cent duty-free market access, Bangladesh is yet to reap full benefits of Chinese market facilities, according to experts.

“Bangladesh is failing to enjoy the opportunities due to lack of export promoting activities, building a solid B2B linkage, establishing a local presence, and participating in online sales,” said experts

They suggested signing a trade agreement to boost Chinese investment-backed export expansion and focusing on diversified and quality products.

The observations were made during a seminar titled - Making the Most of Market Access in China: What Needs to be Done? - jointly organized by Bangladesh China Chamber of Commerce and Industry (BCCCI) and Research and Policy Integration for Development (RAPID) at Pan Pacific Sonargaon in Dhaka on Wednesday.

Speaking at the event, Ambassador of China to Bangladesh Li Jiming hoped that Bangladesh would be a member of Regional Comprehensive Economic Partnership (RCEP) soon which will help Bangladesh to promote export and welfare through trade and investment facilitation.

“Chinese commercial bank can be set up in Bangladesh for financial cooperation and enhancing trade relationship between China and Bangladesh,” he added.

Presenting a key-note paper, RAPID Chairman Dr Mohammad Abdur Razzaque said, “Despite having a zero-tariff market access facility to most products since 2021, Bangladesh’s exports to China remain rather modest. According to estimates, Bangladesh’s potential exports to China should be at least $3 billion.”

The programme was chaired by BCCCI President Gazi Golam Murtoza.

Commerce Minister Tipu Munshi, Vice Chairman of Export Promotion Bureau (EPB) AHM Ahsan, and BCCCI Acting Secretary-General Al Mamun Mridha also spoke in the seminar while RAPID Executive Director and Dhaka University Prof Dr M Abu Eusuf moderated the function.