US Likely to Announce Tariff Reductions on Bangladeshi Goods Next Week

Speaking at a press conference at the Foreign Service Academy on Tuesday, he shared insights from his recent discussions with U.S. Treasury Secretary Scott Bessent at the World Economic Forum in Davos. Siddiqi noted that Washington is positively considering lowering the current 20% reciprocal tariff, driven by Bangladesh's ongoing reform initiatives and a significant narrowing of the $6 billion trade deficit. While the exact percentage of the reduction remains finalized, the sincere interest from the U.S. side indicates a favorable outcome.

The Special Envoy also touched upon trade relations with the European Union (EU), mentioning preliminary talks regarding a potential Free Trade Agreement (FTA) with EU Commissioners. While the EU has shown principled interest, Siddiqi noted their decision-making process is relatively slow, especially as they prioritize agreements with India and Vietnam. Acknowledging the competitive challenges ahead, he assured that diplomatic efforts would continue consistently. He further mentioned that the interim government will leave detailed notes and recommendations for the succeeding administration to ensure these trade negotiations remain well-organized and productive.