Back on track to a strong recovery after the fallouts suffered due to the coronavirus pandemic, China is all set to become a major investment partner and export destination for Bangladesh subsequent to the latter getting almost cent per cent duty-free access to the Chinese market, which in coming days would witness more and more Bangladeshi entrepreneurs exporting to China.
This was maintained by the experts who underlined that China offering zero tariff facility to 97 per cent items imported from Bangladesh (which came into effect on 1 July 2020) is a positive development even amidst the COVID-19 crisis while going on to add that due to high production cost in China, Chinese entrepreneurs want to import goods from Bangladesh, thanks to the duty free facility.
The duty-free facility will help to boost exports to China, reportedly stated the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Dr. Rubana Huq while adding with China offering the new zero tariff facility (to 97 per cent items imported from Bangladesh), almost all garment products came under the purview of duty-free export facility.
Maintaining China’s domestic clothing market is now worth US $ 160 billion, Director of BGMEA, Mohiuddin Rubel said a single country, Bangladesh exports more to the USA, a position that he expects China to take over one day.
