Signed protocol on changes to the agreement with EFTA

The minister of foreign trade and economic relations in the Council of Ministers, Staša Košarac, signed the protocols on amendments to the Free Trade Agreement between BiH and EFTA yesterday in Geneva, including amendments to the accompanying bilateral agreements on agriculture, the relevant ministry announced.

In addition to the Protocol on amendments to the Free Trade Agreement with EFTA, protocols on amendments to the bilateral agreements on agriculture between BiH and Switzerland, Norway and Iceland were signed today, given the fact that the EFTA countries do not have a common agricultural policy.

The signing of these protocols is part of the activities of further improvement of the trade exchange between Bosnia and Herzegovina and the EFTA member countries.

Košarac said that the primary goal is to increase foreign trade through the preservation of existing markets and the opening of new markets.

“The EU is our most important foreign trade partner, but we are firmly committed to improving economic cooperation with EFTA and CEFTA member countries, as well as other countries such as Turkey, Russia, China, Israel and the like,” Košarac said.

He added that he is an advocate of signing a free trade agreement with the Eurasian Economic Union in order to enable businessmen in Bosnia and Herzegovina to enter as many world markets as possible.

Košarac pointed out that within the framework of the Pan-Euro-Mediterranean Convention, the parties actively worked on the preparation and harmonization of the revised rules of origin, the alternative application of which will be made possible by the entry into force of the signed protocols.

He added that the full effect of the application of the revised rules of origin is expected after all member countries of the Pan-Euro-Mediterranean region are involved in their application.

“This will specifically mean the possibility of applying more flexible and simpler rules for acquiring the origin of products, including the possibility of applying the so-called full cumulation, with the aim of using the preferential status of goods within the framework of the Free Trade Agreement with EFTA,” said Košarac.

At the meeting in the EFTA Secretariat, it was pointed out that the entry into force of the Free Trade Agreement between the two parties in 2015 resulted in the continuous growth of trade, which slowed down due to the corona virus pandemic.

The Minister of Foreign Trade emphasized that activities are underway to revise the rules of origin within the framework of the CEFTA Agreement and the Stabilization and Association Agreement with the EU.

Košarac emphasized that in the first five months of this year, BiH achieved a surplus with EFTA member countries of more than 50 million KM.

Source:

https://www.akta.ba/vijesti/bih/150360/potpisan-protokol-o-izmjenama-sporazuma-sa-efta-om