By Farzana Tamannur (TON Bangladesh)

Bangladeshi Foreign Minister A. K. Abdul Momen and Chinese State Councilor and Foreign Minister Wang Yi held talks on August 2022, with both sides promising to deepen the collaboration between their development strategies as well as oppose separatism.

Momen said Bangladesh and China are associates with mutual trust and for common development, and that expanding unity and collaboration between the two sides is an irreplaceable choice for Bangladesh.

In the procedure of its appreciating the "Sonar (golden) Bangla" dream, China has always been the most trustworthy longstanding strategic partner of Bangladesh, and is eager to promote the thorough docking of the Belt and Road Initiative with Bangladesh's development tactic, speed up the joint viability study of the China-Bangladesh free trade contract, and share development and market prospects as well as advanced experiences and skills, Wang said.

Wang expanded on China's position on the Taiwan issue, expressed gratitude for Bangladesh's instantaneous support for China's legitimate claim, and stressed that China is eager to work with the massive majority of evolving countries to mutually safeguard each other's authority and regional integrity, cooperatively uphold the elementary norm governing global relations of non-interference in others' internal affairs, mutually maintain international and local peace and stability, jointly oppose as well as contain all secessionist activities, and mutually strive for a favorable external atmosphere for development.

The two sides decided to strengthen collaboration in the extents of infrastructure, economical and industrial parks, and cultural as well as people-to-people exchanges, to enlarge cooperation in local currency settlement, 5G and clean energy, and to maintain close communiqué and coordination in global and local affairs.

Wang declared that China's zero-tariff treatment for 98 percent of taxable stuffs exported to China from Bangladesh would officially take effect on Sept. 1, adding that China greets the export of Bangladeshi specialty products to it.

The two sides also had a thorough exchange of views on issues of common concern.

After the dialogs, the two foreign ministers witnessed the signing of cooperation documents on infrastructure, adversity prevention and alleviation, culture and tourism, in addition maritime affairs.

China has taken a number of solid steps in recent years, comprising an all-round opening-up tactic that allows foreign enterprises greater entrée to the domestic market and a foreign investment law that confirms a business-friendly atmosphere.

Simultaneously, China has taken new steps to toughen bilateral, multilateral, as well as regional cooperation by joining trade alliances such as the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Contract for Trans-Pacific Partnership (CPTPP), hosting a chain of mega trade exhibitions and improving connectivity over the Belt and Road Initiative (BRI).

Of them, China Import and Export Exhibition (Canton Fair), China International Fair for Trade in Services (CIFTIS), China-ASEAN expo, Euro-Asia Economic Forum, China International Import Expo (CIIE), China-South Asia expo, and Trade Cooperation Expo, Inter-textile Shanghai Apparel Fabrics, and China Yangling Agricultural High-tech Fair are all main exhibitions that will certainly be of great consequence to developing economies like Bangladesh. It is estimated that Bangladesh's contribution in these forums would open vistas of business prospects and further improve bilateral relations as well as co-operation.

According to statistics, From January to July 2021, the complete import and export volume of China and Bangladesh was $13 billion, an increase of 58.9 percent year on year. In spite of the fact that bilateral trade favors China deeply, Bangladesh has huge potential that has yet to be realized. Dr. Ma Razzaque, head of Research and Policy Addition for Development (RAPID), conducted a study that shows Bangladesh could earn $25 billion if it could grab only a 1 percent share of China's imports.

It is mentionable that China imported goods worth $2.4 trillion in the 2019-20 fiscal year and Bangladesh's share was very irrelevant (0.05 percent). In the next 10 years, China is estimated to import an entire of $22 trillion worth of goods. Henceforth, China's Expo platform will offer a great prospect for Bangladesh to explore the massive Chinese market and increase exports to bridge the bilateral trade gap and upsurge revenue.

Bangladesh's main export items, ready-made garments in addition to others containing leather goods, jute and jute goods, farming products, pharmaceutical products, frozen and live fish, plastic, handicrafts, sports goods, and tea have strong competitive edge in the global market. But its limited exports destination (mostly the US and EU) might place Bangladesh in a more challenging place. Since, the US has suspended GSP for Bangladesh in June 2013 as well as India imposed anti-dumping duty on the export of Bangladeshi jute goods in January 2017 for a period of five years.

Also to note, there is no assurance to get into the EU's GSP+ system on expiry of the EBA initiative afterward graduation from the LDC group in 2026. Among such looming economic ambiguity, the good news is that China has in case duty-free entree to 97 percent of Bangladeshi produces (an entire 8,256 products) from July 2020. The expos are significant ways to learn about Chinese customer preferences and to tap into the vast China market.

Contributing these expos Bangladesh could display and popularize its flagship products and diversify its export destination worldwide as a big number of buyers, businesspersons and businesses from Europe, America, Australia, Middle East, Southeast Asia, and Africa attend there. For instance, the China-ASEAN Expo (CAEXPO) might give Bangladesh trilateral trade development opportunity to enter China and the ASEAN market which has a combined population of 2 billion as well as a GDP of $18.5 trillion.

Like Bangladesh, South Asian countries, can furthermore use the expos to promote their brands, build new trade image as well as expand their business prospects in China and the international market. Along with financial and commercial gains, such platforms would forge sturdier cultural collaboration which will further improve the bilateral companionable relations and promote conglomerate for common prosperity.