C T Online Desk: Early signing of China-Bangladesh FTA to open new chapter of mutual benefits: Ambassador Yao
State Minister for Commerce Ahasanul Islam Titu has said Bangladesh wants to move ahead with China to sign a free trade agreement (FTA) but wants to make sure that the partnership benefits mutually.
“We want to move ahead with FTA. There is no doubt about it. We have to make sure our partnership is mutually beneficial. We have to see what the elements and considerations we need to put in the negotiations,” he said at an event late Sunday.
The state minister said Bangladesh is now considering 26 countries to get into different types of trade agreements, including the Comprehensive Economic Partnership Agreement (CEPA), preferential trade agreement (PTA) and FTA.
He was speaking at a seminar titled “China-Bangladesh Free Trade Agreement: A Mutually Beneficial and Win-Win Choice” held at the Embassy of China on Sunday night.
Chinese Ambassador to Bangladesh Yao Wen, Chairman of Research and Policy Integration for Development (RAPID) Dr Mohammad Abdur Razzaque, Secretary General of Bangladesh China Chamber of Commerce and Industry (BCCCI) Al Mamun Mridha and President of Chinese Enterprises Association in Bangladesh (CEAB) Ke Changliang also spoke.
Titu said “reciprocity” in some cases is not a favourable word when a developing country negotiates with a developed country.
“Our relationship is getting stronger day by day. The two countries can move forward with a political will for the development of people,” he said.
He said generating employment opportunities is the number one priority of his government, and FTA can bring more employment opportunities and more investment in Bangladesh.
“These are the condertations we have…..We want to see our relations become stronger. China is our development partner,” he mentioned, adding that they need to look at the relations in a comprehensive way to overcome any impediments.”
He acknowledged that they have a huge trading gap and hoped that China would emerge as the largest investment partner in Bangladesh from the next year.
“We want more trade and more investment with China so that we can grow further,” Titu said.
Chinese Ambassador Yao Wen said his country stands ready to work together with Bangladesh to announce the conclusion of the feasibility study of the Bangladesh-China free trade agreement (FTA) in the near future.
He said China is ready to strive to officially initiate negotiations within this year so as to conclude the negotiations before 2026, commencing the building of a bilateral free trade zone.
“I am convinced that the early signing of the China-Bangladesh FTA will undoubtedly open a new chapter of mutual benefit and win-win cooperation, ushering in a new golden era of economic and trade cooperation between China and Bangladesh,” Ambassador Yao said.
Signing FTAs with other countries is an inevitable choice for Bangladesh to achieve its Vision 2041, said the Chinese ambassador.
What China has experienced demonstrates that signing FTAs with other countries will definitely benefit Bangladesh in the long run, the envoy said.
The FTA serves as a guarantee for the healthy and stable development of bilateral economic and trade cooperation between China and Bangladesh, said Ambassador Yao.
The foundation of economic and trade cooperation between Bangladesh and China is solid, extensive, and diverse.
In terms of trade, China has maintained its position as Bangladesh’s largest trading partner for 13 consecutive years, with bilateral goods trade reaching $24 billion in 2023, said the envoy.
In terms of investment, China’s FDI stock in Bangladesh reached $3.2 billion by 2023, making China the second-largest investing country in Bangladesh, he added.
In terms of contracting, Chinese enterprises have constructed 7 railways, 12 roads, 21 7 31 power plants in Bangladesh.
