As Bangladesh faces crucial hurdles in benefitting from duty-free market access to China due to several systemic and strategic issues, business leaders emphasise the necessity of signing a free trade agreement (FTA) with China to boost exports.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
Bangladesh could potentially earn an additional $27 billion by exporting quality and diversified goods to China, provided its market share increases to 1 per cent, a recent study by the Research and Policy Integration for Development (RAPID) revealed.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
However, critical barriers preventing this growth are Bangladesh's heavy reliance on the readymade garment (RMG) sector; lack of integration with Chinese retailers; insufficient participation in marketing, sales and after-sale services; cultural and language barriers; and stringent Chinese labelling and packaging regulations, the study report said.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
RAPID chairman MA Razzaque said China prefers high-quality garments from Italy and other European countries, importing such products worth around $10 billion annually. Bangladesh must diversify its exports and improve product quality to penetrate the Chinese market.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
He emphasised the need for aggressive policies, including attracting China-oriented investments and signing trade agreements, according to Bangladesh media reports.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
Chinese products also often have lower price than similar-quality products from Bangladesh, he noted. The rising e-commerce sector in China is another challenge, as entrepreneurs in Bangladesh need better skills to effectively tap this market.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
Encouraging Chinese investors to set up manufacturing hubs in Bangladesh could be a strategic move, Razzaque suggests.
As Bangladesh faces hurdles in gaining from duty-free market access to China, business leaders emphasise the need for signing an FTA with China.
A study found critical barriers preventing Bangladesh's export growth to China include over-reliance on garments; lack of integration with Chinese retailers; and stringent Chinese labelling and packaging regulations
Al-Mamun Mridha, general secretary of the Bangladesh China Chamber of Commerce and Industry (BCCCI) said some Chinese investors are indeed considering shifting their manufacturing units to Bangladesh.
Fibre2Fashion News Desk (DS)
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