Important :
  • GoSourcing365 - Is a part of the Fourth Industrial Revolution which is changing how we live,work, and communicate. Besides other things, it's reshaping commerce too....
  • GoSourcing365 - the future of doing Virtual Online business for the Textile and Apparel Sourcing sector
  • GoSourcing365 – The 1st ever B2B Textile & Apparel Sourcing Platform goes virtual on July 4, 2020. Schedule meetings, Live Chat, Call or Video Conference with Manufacturers
  • New companies being added each day. Please refine your search & start networking!
  • Join GoSourcing365 as a Buyer for free to See, Compare and virtually connect with Worldwide Textile & Apparel Manufacturers & Suppliers
  • Subscribe to GoSourcing365 now as Seller, where the global buyers can look for you and you can search for buyers too
  • If you are a Seller, upgrade your subscription to Gold tier to unlock Virtual features so buyers can virtually connect with you through Live Chat, Call or Video Conference
  • A message to our Sellers. Please ensure your Company profile is completed. Buyers like to see completed profiles to know you and your products better
  • Sellers can send emails or their company introductions to latest 100 Buyers from their Dashboard

Bangladesh to Get Duty Free Trading Facility in China

Bangladesh to Get Duty Free Trading Facility in China

A-  A  A+

Bangladesh is the second-largest apparel manufacturer in the world and China is the main trading partner for apparel manufacturing and trading. Recently China has opened a gateway for Bangladesh with a duty-free trading policy which is showing a new ray of hope for Bangladeshi manufactures. There is no doubt that the economy of Bangladesh has been critically hit by the COVID-19 where billions of dollars orders have been canceled but this trading policy is directing Bangladesh towards a quick recovery.

According to the new policy, 97% of Bangladeshi products will be tariff-free in the Chinese market which is a significant development in the trading facility. Usually, the Chinese market used to impose a high tariff on Bangladeshi goods that varied from 25 to 30 percent. On the other hand, this percentage was much higher than those of EU nations (12%) but in the recent development, 97 percent of the goods will get duty free export facility which is a great signal for the nation.

Due to this duty-free trading facility, the economic backbone of Bangladesh, the apparel industry will drive the most benefit to its economy. This year, the COVID-19 has pushed Bangladeshi apparel manufacturers into a very critical situation, so does the collective economic growth of the nation.

The experts of this sector are looking into a new hope for the already growing industry. Bangladesh will get advantage of the new policy and will be a step ahead to its competitors like Vietnam.

It has been several years, that China is focusing to build its industrial facilities in other nations like Bangladesh, Vietnam, and some other African nations including, Ethiopia and Kenya. Due to the rising labor issue and production cost, both the Chinese government and private companies had to look for an alternative and in response to that, Chinese companies are shifting their manufacturing facilities in countries with low labor costs.

On the other hand, China is now the largest apparel market in the world. And due to the thriving middle class with increasing purchasing power, fashion consumption has grown significantly. To feed the consumers, China needs higher production of its own brands and Bangladesh is the most favorite place to produce. Like the EU, if Bangladesh can capture the majority percent export market to China, the apparel industry is going to win over all the other global manufactures and this new trade facility is the largest signal.

Under the agreement of the APTA (Asia-Pacific Trade Agreement), the local exporters can get the benefit from this month which has been accepted by the agreement and China bilaterally.

This agreement is not only for the apparel industry but also for many other industries like pharmaceuticals and some traditional goods and this is going to be the golden opportunity for Bangladesh to regain its economic balance.   

Home All News