China-Bangladesh Free Trade Agreement: A Mutually Beneficial and Win-Win Choice

Monday, June 3, 2024

On 2 June, 2024, the Chinese Embassy in Bangladesh held a seminar titled “China-Bangladesh Free Trade Agreement: A Mutually Beneficial and Win-Win Choice” co-organized by Bangladesh China Chamber of Commerce & Industry (BCCCI) and Chinese Enterprises in Bangladesh (CEAB) at China embassy in Dhaka. H.E. Mr. Ahasanul Islam Titu MP, State Minister, Ministry of Commerce, GoB was present as Chief Guest while H. E. Yao Wen, the Ambassador of the People’s Republic of China to Bangladesh was present as keynote speaker.

Chairman of Research and Policy Integration for Development (RAPID) Dr Mohammad Abdur Razzaque, Secretary General of Bangladesh China Chamber of Commerce and Industry (BCCCI) Al Mamun Mridha and President of Chinese Enterprises Association in Bangladesh (CEAB) Ke Changliang also spoke at the seminar.

State Minister for Commerce Ahasanul Islam Titu has said Bangladesh wants to move ahead with China to sign a free trade agreement (FTA) but wants to make sure that the partnership benefits mutually. We want to move ahead with FTA. There is no doubt about it. We have to make sure our partnership is mutually beneficial. We have to see what the elements and considerations we need to put in the negotiations.

The state minister also said Bangladesh is now considering 26 countries to get into different types of trade agreements, including the Comprehensive Economic Partnership Agreement (CEPA), preferential trade agreement (PTA) and FTA.

At his speech, Ambassador Yao emphasized that the China-Bangladesh Free Trade Agreement (CBFTA) serves as a guarantee for the healthy and stable development of bilateral economic and trade cooperation between China and Bangladesh. Signing CBFTA will bring significant benefits to Bangladesh. It is convinced that the early signing of CBFTA will undoubtedly open a new chapter of mutual benefit and win-win cooperation, ushering in a new golden era of economic and trade cooperation between China and Bangladesh.

Dr. M A Razzaque one of the country’s leading trade economists and Chairman of Research and Policy Integration for Development (RAPID) said Bangladesh would be highly benefited if the proposed FTA can be complemented by investment. He also said Bangladesh imports more than $21 billion worth of goods from China in a year, and of the amount 40 percent comes under bonded warehouse facility means duty-free. Still, the import duty for Chinese goods is more than 28 per cent of the total revenue Bangladesh generates from import tariff.

Al Mamun Mridha Secretary General of BCCCI said FTA with China will lead to increased investment from China as had happened with other countries that have signed an FTA with China, and the potential ways in which Bangladesh may boost investment in China He urged the government for holding a Bangladesh Investment Summit in China during the upcoming visit of Prime Minister Sheikh Hasina to China.

Honorable board members & members of BCCCI were also present at the seminar.