Distinguished Fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya has expressed hope that China will ensure the duty-free quota-free market access for Bangladesh for at least the first nine years after the graduation from least developed country (LDC) status.
The economist came up with the statement while addressing a virtual roundtable, titled “Bangladesh China Relations: Prognosis of the Future,” reports UNB on Monday.
Debapriya Bhattacharya urged the policymakers of Bangladesh to ensure the extension of the DFQF market access to the Chinese market beyond the graduation from LDC status.
“Because, beyond graduation, we will need market access support from our developing partners, including the south-south partners,” he said.
“European Union and others are being persuaded to do so. The issue is on the table at the WTO. Thankfully, China, India and other southern countries are supporting us over the proposal of the LDC group,” he added.
The trade volume of Bangladesh and China was dented due to the pandemic, with a 13.6 per cent drop to 15.9 billion dollars last year.
However, the 'resilience and dynamism' of the economies of Bangladesh and China make it reasonable to expect a huge rebound this year.
According to statistics from China Customs, the trade volume in the first four months of 2021 is 7.19 billion dollars, with a 42.9 per cent % year-on increase.
Chinese export to and import from Bangladesh stand at 6.84 billion and 350 million dollars, growing by 43.8 per cent and 28.1 per cent, respectively.
Last year, China granted duty-free treatment to 97 per cent of Bangladeshi products. This step was important towards a higher level of bilateral trade liberalisation.
Dr Debapriya said that Bangladesh used to export over 5,000 goods and now another 3000 goods have been added to it.
"For this reason, we can export 8,256 items to the Chinese market, which is a great achievement."
The economist suggests assessing Bangladesh-China relations in the global and regional context, along with bilateral context.
“Bangladesh and China should be together in the global and regional value chain,” Debapriya added.
Chinese Ambassador to Bangladesh Li Jiming presented the keynote speech at the roundtable.
Cosmos Foundation Chairman Enayetullah Khan delivered the opening remarks. Renowned scholar and former Advisor to a caretaker government of Bangladesh Dr Iftekhar Ahmed Chowdhury presided over the discussion.
Ambassador (retd) Tariq A. Karim, CPD Distinguished Fellow Dr Debapriya Bhattacharya, former Foreign Secretary Shamsher Chowdhury BB, Assistant Researcher of the Institute for International Studies at Yunnan University Dr Zou Yingmeng, Assistant Research Fellow at China Institute of International Studies Dr Ning Shengnan, former Ambassador Serajul Islam and Dhaka University Professor Dr Rashed Al Mahmud Titumir were in the panel of discussants.
