Chinese Vice Premier Ding Xuexiang announced on Thursday that China will extend duty-free and quota-free access to Bangladeshi goods until 2028-two years after Dhaka transitions from a Least Developed Country to a middle-income economy.
He also expressed Beijing's interest in initiating free trade negotiations with Dhaka during a meeting with Bangladesh's visiting Chief Adviser, Professor Dr Muhammad Yunus, at the Bo'ao State Guest House in Hainan, China.
"President Xi Jinping attaches tremendous importance to your visit," Vice Premier Ding Xuexiang remarked to Dr Yunus, expressing hope that Bangladesh would achieve prosperity and growth under his leadership.
Vice Premier Ding highlighted that China signed a protocol last year to facilitate the import of Bangladeshi mangoes, with exports expected to commence this summer. He further mentioned China's willingness to import jackfruit, guava, and other aquatic products from Bangladesh as part of efforts to reduce the significant trade imbalance.
During the meeting, the two leaders agreed to strengthen investment, trade, cultural ties, and people-to-people exchanges, as the two countries celebrate the 50th anniversary of their diplomatic relations. The Vice Premier stated that China would provide financial support for the modernisation of Mongla Port and the Dasherkandi Sewage Project.
Bangladesh sought China's support for various development and livelihood projects, while also requesting a reduction in interest rates on Chinese loans from 3 per cent to 1-2 per cent. Dhaka also urged the waiver of commitment fees on Chinese-funded projects in Bangladesh.
Vice Premier Ding reaffirmed Beijing's commitment to duty-free and quota-free access for Bangladeshi goods until 2028 and reiterated China's interest in starting free trade agreement negotiations with Dhaka. He also assured funding for the procurement of four ocean-going vessels for the state-run Bangladesh Shipping Corporation.
Dr Yunus sought Beijing's assistance in relocating Chinese manufacturing industries to Bangladesh, including sectors such as ready-made garments, electric vehicles, light machinery, high-tech electronics, chip manufacturing, and solar panel production.
Chairman of the China Export-Import Bank, Chen Huaiyu, also pledged support for relocating Chinese manufacturing plants to Bangladesh, aiming to transform the country into a platform for exports to other nations. While the bank has been a key financier of Beijing-funded infrastructure and energy projects in Bangladesh, this marks its first commitment to support private Chinese investments in the country.
During the meeting, Dr Yunus reiterated Bangladesh's unwavering commitment to the One-China policy and expressed pride in being the first South Asian nation to join China's Belt and Road Initiative. CA's Deputy Press Secretary, Abul Kalam Azad Majumder, informed the media that Bangladesh recently received a copy of the 2005 joint communiqué from China, reaffirming Dhaka's stance on the One-China principle and the Taiwan issue.
The Vice Premier noted that China's government and universities would increase scholarship opportunities for Bangladeshi students, adding to the several thousand already enrolled in Chinese institutions.
Beijing also assured efforts to foster dialogue between Bangladesh and Myanmar to resolve the Rohingya crisis.
