Yao Wen. Photo: Collected
Chinese Ambassador to Bangladesh Yao Wen on Sunday (2 June) said China 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.
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 in the evening.
State Minister for Commerce Ahasanul Islam Titu spoke at the seminar as the chief guest, highlighting various aspects of the bilateral relations.
Dr Mohammad Abdur Razzaque, Chairman of RAPID, Al Mamun Mridha, Secretary General of Bangladesh China Chamber of Commerce and Industry (BCCCI) and Ke Changliang, President of Chinese Enterprises Association in Bangladesh (CEAB), among others, spoke.
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 bridges and 31 power plants in Bangladesh.
The China-Bangladesh FTA covers areas such as trade in goods, trade in service, investment, e-commerce and high-tech industry cooperation, providing a basic framework and solid guarantee for future bilateral economic and trade cooperation.
"The China-Bangladesh FTA is imperative for the enhancement of bilateral economic and trade. China and Bangladesh are strategic partners, which will be further upgraded in the future," said Ambassador Yao.
Messenger/Sumon
