China to continue zero-tariff benefits to Bangladesh post-LDC: Envoy

19 Jul '24

2 min read

China to continue zero-tariff benefits to Bangladesh post-LDC: Envoy

Pic: Embassy of the People's Republic of China in the People's Republic of Bangladesh

Insights

China has agreed to provide assistance worth $2 billion to Bangladesh and will continue to provide zero-tariff treatment on 98 per cent of taxable items to Bangladesh for a certain period beyond 2026, Chinese envoy to Bangladesh Yao Wen has said.
China urged Bangladesh to expand exports of jute, leather and other high-quality special products to the former.

China has agreed to provide assistance worth $2 billion to Bangladesh via grants and interest-free, concessional and commercial loans and will continue to provide zero-tariff treatment on 98 per cent of taxable items to Bangladesh for a transitional period beyond 2026 when the country graduates from the least developed country (LDC) status, Chinese ambassador to Bangladesh Yao Wen recently said.

Yao was briefing media on the outcomes of Bangladesh Prime Minister Sheikh Hasina’s recent official visit to China.

The two sides agreed to push forward eight underway projects, including expansion of Teletalk’s 4G mobile broadband network, he said.

Chinese enterprises are also willing to proactively take part in the construction of subways, roads, hospitals and other projects in Bangladesh, he noted.

China urged Bangladesh to expand exports of jute, leather and other high-quality special products to the former and the two sides agreed to deepen cooperation in infrastructure and construction projects, including through the public-private partnership (PPP) model, he was cited as saying by a release of the Embassy of China in Bangladesh.

The two sides agreed to launch negotiations on optimising the China-Bangladesh Bilateral Investment Treaty as soon as possible.

The two governments signed 21 MoUs and agreements on trade and investment, digital economy, financial regulation, education cooperation, medical care and public health, infrastructure cooperation, green and low carbon development, agricultural cooperation, hydrological forecasting, and cooperation in radio and television, and announced seven joint projects.

Sixteen MoUs and agreements worth $500 million were also signed by private enterprises of the two countries at a parallel business summit.

Fibre2Fashion News Desk (DS)

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