He made the remarks on Tuesday at a press conference held at the Foreign Service Academy in Dhaka, organized to brief the media on Bangladesh’s participation and achievements at the World Economic Forum (WEF) in Davos, Switzerland.
Lutfe Siddiqi said Washington is sincere about lowering the tariffs on Bangladesh and that an announcement is likely soon. However, he noted that it is still unclear how much the existing 20 percent tariff would be reduced.
Referring to discussions held with US Treasury Secretary Scott Bessent on the sidelines of the Davos forum, Siddiqi said many aspects of US non-tariff policies align with the reform agenda of Bangladesh’s interim government. He added that Bangladesh’s trade deficit with the United States—previously around USD 6 billion—has significantly narrowed.
“Considering these factors, the United States is showing sincerity in reducing trade barriers on Bangladesh. A positive decision is expected soon,” he said.
On Bangladesh–European Union (EU) trade relations, Siddiqi said discussions were held with EU commissioners Roxana Mînzatu and Jozef Síkela regarding a potential Free Trade Agreement (FTA). He said Bangladesh clearly expressed its interest in signing an FTA with the EU, and the bloc has shown interest, although its process remains slow.
He noted that the EU is currently prioritizing FTA negotiations with India and may move on to Vietnam next, which could pose some challenges for Bangladesh. However, Siddiqi emphasized that there is no cause for concern.
“We must continue our discussions. I will leave detailed notes on this issue for the next government,” he added.
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