Led by Apan Kanti Ghosh, Commerce Minister, Bangladesh aims to pursue a free trade agreement (FTA) with China by 2026. The date of the FTA finalisation coincides with Bangladesh's transition from a least developed country to a developing one that would lead to reduced duty benefits, necessitating proactive measures from the government.
Emphasising on the need to navigate the challenges post-graduation effectively, Ghosh stressed on the urgency to finalise FTA talks with China before 2026. In advent of failure to achieve this, Bangladesh plans to request interim duty-free market access from China.
The foundation for this agreement was established during Chinese President Xi Jinping's visit to Bangladesh in 2016, which saw the signing of a memorandum of understanding (MoU) to conduct a joint feasibility study. Subsequent meetings of the joint working group, including one in Beijing in 2018, have advanced the feasibility study reports.
Yao Wen, China's Ambassador to Bangladesh, Yao Wen, affirms, the FTA has the potential to boost Bangladesh's exports to China. He says, it would expand investment opportunities for China. Highlighting Bangladesh’s reliance on importing textiles and machinery from China for its apparel exports, Wen expressed a keen interest in investing in Bangladesh’s key sector.
