Tuesday, June 18, 2024
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HomeEventsBangladesh-China FTA to Boost Economic Stability and Job Creation Amid Inflation Concerns

Bangladesh-China FTA to Boost Economic Stability and Job Creation Amid Inflation Concerns

According to Chinese Ambassador to Bangladesh Yeo Wen, the prospective free trade agreement (FTA) between Bangladesh and China is set to play a pivotal role in reducing inflation in Dhaka by lowering tariffs on Chinese imports. During a seminar titled “China-Bangladesh Free Trade Agreement: A Mutually Beneficial and Win-Win Choice”, the ambassador highlighted the potential of the FTA to significantly decrease import prices, thereby easing the inflationary pressures on the Bangladeshi economy.

Chinese Ambassador to Bangladesh Yao Wen
Photo: Chinese Ambassador to Bangladesh Yao Wen.

“The reduction in tariffs on goods imported from China will lead to lower import prices, which will have an immediate impact on mitigating inflation in Bangladesh,” stated Ambassador Yeo Wen at the event organized by the Chinese embassy in collaboration with the Bangladesh China Chamber of Commerce and Industry (BCCCI) and the Chinese Enterprises Association in Bangladesh (CEAB).

Ambassador Yeo Wen emphasized Beijing’s readiness to finalize the feasibility study of the FTA soon, with official negotiations expected to commence within this year and conclude by 2026. The establishment of a bilateral free trade zone is anticipated to foster a new era of economic and trade cooperation between the two nations.

“The early signing of the China-Bangladesh FTA will open a new chapter of mutual benefit and win-win cooperation, heralding a golden era of economic and trade collaboration,” he added. The ambassador also pointed out that the agreement would facilitate Chinese investments in Bangladesh, enhancing efficiency and convenience, which in turn would boost job creation, upgrade industries, and diversify exports.

State Minister for Commerce Ahasanul Islam Titu, the chief guest at the seminar, underscored the importance of such agreements for Bangladesh’s Vision-2041, which aims for stable economic development and graduation from the Least Developed Countries (LDC) status. He reiterated that signing FTAs with various countries is crucial for achieving these developmental goals.

Dr. Mohammad Abdur Razzaque, Chairman of RAPID, Al Mamun Mridha, Secretary General of BCCCI, and Ke Changliang, President of CEAB, also spoke at the seminar, highlighting different facets of the bilateral relationship and the benefits of the impending FTA.

The seminar not only shed light on the immediate economic benefits of the FTA but also its long-term impact on sustainable and stable economic growth. As Bangladesh moves forward with its ambitious economic plans, the FTA with China stands out as a key strategic partnership that promises to bolster economic stability and growth.

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