Bangladesh to receive duty-free access for all products to China from Dec
Here’s a fine-tuned version of the story using journalistic language:
Bangladesh will enjoy 100% duty-free market access to China starting this December, according to a statement from the Chinese Embassy in Dhaka on Monday.
The announcement follows Chinese President Xi Jinping's pledge to further open China's market to Least Developed Countries (LDCs) during his keynote address at the Beijing Summit of the Forum on China-Africa Cooperation on September 5, 2024. President Xi announced that 33 African countries, as well as other LDCs with diplomatic ties to China, would receive zero-tariff treatment for 100% of tariff lines, marking China as the first major developing nation and economy to take such a step.
In line with this decision, China's customs tariff commission issued an announcement confirming the implementation of zero preferential tariff rates for 100% of tariff lines from LDCs starting December 1, 2024. Bangladesh, being an LDC, will benefit from this new policy.
However, for products under tariff quota management, zero-tariff treatment will only apply to quantities within the specified quota. Any excess will still be subject to the original tax rate.
This decision by China aims to expand its unilateral market opening to LDCs and support mutual development goals, providing Bangladesh with significant economic opportunities in the Chinese market.