People work at a construction site of Padma Multipurpose Bridge Project in Munshiganj on the outskirts of Dhaka, Bangladesh, on Sept 12, 2021. [Photo/Xinhua]
At the same time, China has taken new steps to strengthen bilateral, multilateral, and regional cooperation by joining trade blocs such as the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), hosting a series of mega trade exhibitions and improving connectivity through the Belt and Road Initiative (BRI).
Of them, China Import and Export Exhibition (Canton Fair), China International Import Expo (CIIE), China International Fair for Trade in Services (CIFTIS), China-ASEAN expo, China-South Asia expo, Euro-Asia Economic Forum and Trade Cooperation Expo, Inter-textile Shanghai Apparel Fabrics, and China Yangling Agricultural High-tech Fair are all key exhibitions that will undoubtedly be of great significance to developing economies like Bangladesh. It is expected that Bangladesh's participation in these forums would open vistas of business opportunities and further enhance bilateral relations and co-operation.
It is mentionable that China imported goods worth $2.4 trillion in the 2019-20 fiscal year and Bangladesh's share was very insignificant (0.05 percent). In the next 10 years, China is expected to import a total of $22 trillion worth of goods. Hence, China's Expo platform will provide a great opportunity for Bangladesh to explore the vast Chinese market and expand exports to bridge the bilateral trade gap and increase revenue.
Participating these expos Bangladesh can display and popularize its flagship products and diversify its export destination globally as a large number of buyers, entrepreneurs and companies from Europe, America, Australia, Southeast Asia, Middle East, and Africa attend there. For example, the China-ASEAN Expo (CAEXPO) could give Bangladesh trilateral trade expansion opportunity to enter China and the ASEAN market which has a combined population of 2 billion and a GDP of $18.5 trillion.
It is noteworthy, Bangladesh is constructing high-quality infrastructure, such as power plants, bridges, highways, railways, and ports, in collaboration with China. The Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC) was recently opened in Dhaka, to host export and sourcing fairs throughout the year, aiming at reaching Bangladeshi products to new international markets.
In short, the expos offer a platform to understand Chinese market and China's development as well as to make new linkage with consumers, companies, experts and different technologies which could lead product specialization and value addition in order to adapt to the conditions in China, a market with 1.4 billion people and over 400 million middle-income people. In this regard, China can provide technical assistance in framing policy positions and export-development strategy to help Bangladeshi products reach the Chinese market.
Like Bangladesh, South Asian countries, can also use the expos to promote their brands, build new trade image and expand their business opportunities in China and the worldwide market. Along with economic and commercial gains, such platforms would forge stronger cultural cooperation which will further enhance the bilateral brotherly relations and promote partnership for common prosperity.
