Trade: Bangladesh to benefit from tariff cuts

South Korea and China have agreed to provide Bangladesh with duty-free market access for the export of 222 products under provision of the newly adopted Asia-Pacific Trade Agreement (APTA), which is an update on the 2004 Bangkok Agreement.

The tariff cuts are expected to come into effect as soon as South Korea ratifies the agreements. Products that will benefit include leather and leather goods, automobile parts and jute goods, knitwear and camera parts.

Bangladesh will also benefit from Sri Lanka's decision to sanction 10-35 percent tariff cuts on exports of 48 Bangladeshi products while India has agreed to 50 percent on 25 items.