As per an analysis, apparel exporters from Bangladesh could not gain much as more than one-third of Bangladesh’s total apparel exports to China were found to be still out of the duty-free benefit coverage. However, the lucrative route to bring in more investments from China remains a suitable alternative.
China’s duty-free access to 97 per cent of Bangladeshi products came loaded with hopes and aspirations for the garment exporters in Bangladesh, who saw in the Chinese offer an effective means to deal with the fallouts of the COVID-19 pandemic. And why would they not, considering the size of China’s apparel market, which is approximately around US $ 330 billion (as of 2019), and second only to that of USA (market size of approximately US $ 345 billion).
After the Chinese Government decided to offer zero tariff facility effective from 1 July, all were hoping it would open new windows of opportunity and help salvage the falling apparel exports, subsequent to the global outbreak of the pandemic.
“Product access in the Chinese market is welcomed in this humanitarian global crisis. We are in consultation with Government, stakeholders of 97 per cent product list to maximise export opportunities of the 5100 plus products, mitigate any challenges in execution and look into the 3 per cent that still has barriers and will be engaged from FBCCI with our counterparts in China as we are sure Government to Government engagements will continue on policy supports as the new opportunities yielded because of that,” underlined Sheikh Fazle Fahim, President of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), welcoming the Chinese move then.
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