Bangladesh China Free Trade Agreement

By September 12, 2021 Uncategorized No Comments

The government was hit hard by the EU in the 2001 trade and development cooperation agreement between the two sides, which accepted the EU`s demands for dhaka plus aimed, for example, at granting companies monopoly rights over seeds (patenting); The government was in controversial talks with the United States on a framework trade and investment agreement, a prelude to a possible free trade agreement with Washington; However, in 2010, after several years of discussions, it was decided not to sign one. The United States then asked Bangladesh to sign an agreement on the Trade and Economic Cooperation Forum, but it has not yet been signed. India has insisted on a bilateral free trade agreement with Bangladesh, but the World Bank has made it clear that India will benefit more; Pakistan also insisted on a free trade agreement with Bangladesh; For its part, Bangladesh is interested in developing a free trade agreement with China. “The economy will certainly make a big leap with the latest 97 percent duty-free access to these products,” Borhan Uddin, director general of East Asia and Asia-Pacific at Bangladesh`s ministry of foreign affairs, told Anadolu Agency. Bangladesh will benefit from zero treatment as the least developed country and 8,256 Bangladeshi products will be processed, as some 3,095 products already enjoy duty-free access under the Asia-Pacific trade agreement, he added. Experts from Bangladesh and other countries are also in favour of a free trade agreement between Bangladesh and China, as well as other countries. In a theoretical study by the Centre for Policy Dialogue (CPD), an analysis was conducted to identify possible “natural partners” for the formation of a free trade agreement with Bangladesh. CPD noted that countries that are “natural partners” for bilateral trade depend on the mutual interest of both sides. The analysis shows that potential FTA partners for Bangladesh could be Argentina, Brazil, Chile, China, Chinese Taipei, Malaysia, Mexico, Korea, Russia, South Africa and Ukraine.

And of the total trade, there were import trade of $13.86 billion and exports of $831 million. The current cooperation between the two countries aims to increase economic exchanges and exchanges, set up key projects in areas such as infrastructure, energy, electricity, transport, information, telecommunications and agriculture, and strengthen practical cooperation within the framework of the BCIM Economic Corridor between Bangladesh, China, India and Myanmar. China is now Bangladesh`s largest trading partner. But China does not want trade surpluses as a trade target. In the future, China will import more competitive goods from Bangladesh. The signing of a free trade agreement between China and Bangladesh will allow bangladesh more goods, services and preferential investment to access China. .