China to continue zero-tariff treatment to Bangladesh for transitional period beyond 2026

China has expressed its support to continue the zero-tariff treatment on 98% of taxable items to Bangladesh for a transitional period beyond 2026 when Bangladesh will graduate from LDC status.

The Bangladesh side expressed its appreciation to China for granting zero-tariff treatment on 98% of taxable items to Bangladesh, effective from 1 September 2022.

The two sides agreed to deepen cooperation in trade, investment and finance, conclude the joint feasibility study on a Bangladesh-China free trade agreement, and launch formal negotiations as soon as possible, according to a joint statement issued after Prime Minister Sheikh Hasina’s three-day official visit to Beijing.

Hasina returned home early hours of Thursday after talks with Chinese President Xi Jinping and Prime Minister Li Qiang.

China has completed the entry procedures for Bangladesh’s fresh mango exports to China and welcomed Bangladesh to expand exports of jute, leather, aquatic products, and other high-quality special products to China.

The two sides agreed to further strengthen communication on the export of high-quality Bangladeshi agricultural products to China.

The two sides discussed future cooperation on trade facilitation, aid, and financing for projects or programmes.

The two sides agreed to launch negotiations on upgrading the China-Bangladesh Investment Agreement as soon as possible.

The Bangladesh side welcomed more investment from Chinese enterprises in Bangladesh in such areas as economic and industrial parks, oil and gas exploration, new energy, water resources and sewage management, garment and other manufacturing sectors, reiterates Bangladesh’s commitments to protecting the security and legitimate rights and interests of all foreign investments including the Chinese projects and personnel in Bangladesh.

The two sides agreed to deepen cooperation in infrastructure and construction projects, including through the PPP model.

The Chinese side expressed its readiness to support and participate in building “Smart Bangladesh,” promote cooperation between digital and ICT think tanks of the two countries, and explore the joint establishment of a digital innovation lab to carry out digital capacity building.

The two sides agreed to strengthen investment cooperation in the field of digital economy.

The Chinese side will support bilateral exchanges on digital economy industries, encourage Chinese software companies to empower Bangladesh’s digital infrastructure development, and explore the establishment of a China-Bangladesh innovation cooperation mechanism in cloud computing, to promote the development of Bangladesh’s digital and ICT industries.

The Chinese side expressed its readiness to carry out cooperation on the “international port for the information industry and digital trade” to promote the digitization of bilateral trade.

The Bangladesh side applauded and expressed thanks for these initiatives.

The two sides agreed to step up maritime and blue economy cooperation in areas of marine observation, disaster prevention and mitigation, the Ocean to Climate Seamless Forecasting System (OSF) and the Marine Hazards Early Warning and Mitigation System, with a view to enhancing marine sustainability and resilience of Bangladesh.

China will assist Bangladesh to cultivate more talents in marine affairs.

The two sides agreed to hold the second round of maritime cooperation dialogue at an early date.

On defence cooperation, the two sides agreed to strengthen more exchanges at all levels and between various armed forces and departments and deepen practical cooperation in defence.

Both sides agreed to maintain their mutual understanding and engagement on UN peacekeeping and peace building issues.

The two sides share the view that the promotion and protection of human rights is a common cause of all humanity, and the rights to subsistence and development are basic human rights of paramount importance.

The two sides support exchanges and cooperation on human rights among all countries on the basis of equality and mutual respect, advocate the common values of humanity, oppose politicisation of human rights, and remain committed to jointly promoting sound progress in all aspects of the international human rights agenda.