Geo-strategically the Bangladesh-China relations are inevitable for both the countries. Not only for political reasons but also for economic compulsions, the two countries should promote good ties.
From the ancient period, the two countries have close ties in political, economic and cultural sectors. From the beginning, China used south-west Silk Route, the ancient Silk Route and the maritime Silk Route for its trade. We also saw good cooperation between China and Bangladesh in education and cultural sectors. Chinese monk Yinjing and Xuanzang travelled to Bangladesh during the 5th and 7th Centuries. Bangladesh-born scholar Atish Dipankar travelled to Tibet in the 8th Century and established the 'sarma' schools in China.
China is presently rising as a superpower. Economic stability in the country is surprisingly firm. Not long ago, the world's biggest powers suffered from an economic slowdown but China felt relaxed then. China is still vibrant with 10 per cent annual growth. In 2013, the Chinese GDP (gross domestic product) reached 9.4 trillion US dollars. It was only 36.5 billion dollars in 1978. The total value of Chinese trade reached 4,160 billion US dollars (export 2,209.6 billion dollars and import 1,950.4 billion dollars). China surpassed the United States in terms of economic growth and became the world's largest trading nation in 2013.
In 2013, FDI (foreign direct investment) of China was 117.6 billion dollars which is increasing at the rate of 5.3 per cent from 2012. Foreign exchange reserve, average life expectancy and education have also made China a healthy nation.
Since the establishment of diplomatic relations with China, Dhaka and Beijing signed several deals. To emphasise the strength of bilateral relations, both the countries declared the year 2005 as 'Bangladesh-China Friendship Year'. The Bangladesh army, navy and air force are having close cooperation with China. For tranquil environment in South Asia, it is important to promote good relations between the two countries.
From 2006, Bangladesh has been getting extra trade benefits from China. China has removed tariff barriers from 84 types of Bangladesh's commodities. Major Chinese exports to Bangladesh include textiles, machinery, electronic products, cement, fertiliser, tyre, raw silk, maize, etc. China mainly imports raw materials from Bangladesh like leather, cotton textiles and fish. Trade volume between the two nations reached a record high of US$ 10.3 billion in 2012, 10 times higher than that of 2002. The new Chinese declaration of 'China Opportunity' for foreign investment (10 trillion and 400 million US dollars) has opened up great opportunities for Bangladesh.
But it is a matter of great concern for Bangladesh that bilateral trade between the two countries is highly tilted in favour of China. It should be reversed. Bangladesh's business community should take more initiatives to penetrate the vast Chinese market.
The writer is a student of the Department of History, Jahangirnagar University.                   rayhanmondolju@gmail.com
Chinese market offers huge opportunities
Lutfar Rahman | Published: April 01, 2014 00:00:00 | Updated: November 30, 2024 06:01:00
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