A positive announcement regarding the reduction of high reciprocal tariffs on Bangladeshi export products may be issued by the United States late this week or early next week.
Lutfey Siddiqi, the Special Envoy on International Affairs to the Chief Adviser, shared this information during a press conference held Tuesday (January 27) at the Foreign Service Academy.
The briefing was organized to detail Bangladesh’s participation and diplomatic achievements at the World Economic Forum (WEF) in Davos, Switzerland.
Siddiqi stated that Washington is "extremely sincere" about lowering the tariffs imposed on Bangladesh, and there is a strong possibility of an official declaration soon. However, he noted that the exact extent of the reduction from the current 20% tariff remains under negotiation.
Alignment with Reform Programs
Highlighting a productive meeting with U.S. Treasury Secretary Scott Bessent on the sidelines of the Davos summit, the Special Envoy mentioned that many of the U.S. non-tariff policies now align with the reform programs of Bangladesh’s interim government.
Furthermore, the significant trade deficit Bangladesh once held with the U.S. has decreased. Given these positive developments, the U.S. has expressed interest in reducing trade barriers.
Strengthening Ties with the European Union
The Special Envoy also discussed future trade relations with the European Union (EU). Preliminary discussions regarding a potential Free Trade Agreement (FTA) were held with EU Commissioners Roxana Mînzatu and Jozef Síkela.
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"We have clearly expressed our strong interest in signing an FTA with the EU," Siddiqi said. "While they responded positively, their administrative processes are somewhat time-consuming."
He acknowledged that the EU is currently working on FTAs with India and Vietnam, which could present a competitive challenge for Bangladesh.
However, he committed to keeping these discussions active and leaving detailed briefings for the successor government. Siddiqi concluded by asserting that Bangladesh’s strong presence at the WEF has successfully built a new image for the country on the global stage.
