Bosnia and Herzegovina a step closer to WTO membership

GENEVA, (Patria) - The delegation of Bosnia and Herzegovina for negotiations on accession to the World Trade Organization (WTO) signed a document in Geneva yesterday, formally concluding our country's negotiations with Brazil. Negotiations with WTO member states and the signing of such documents are a mandatory procedure for countries wishing to become WTO members, reports Business-magazine.ba, according to the Patria agency.

- Regarding the procedure for fulfilling the conditions for WTO membership, BiH has concluded negotiations with the United States of America and Ukraine, and the formal signing of documents on the conclusion of negotiations is still pending. It is also necessary to conclude negotiations with Russia, which are in the final stage - BM states.

Otherwise, BiH obtained observer status in this organization in 1999, and negotiations for our country's accession to the WTO have been ongoing for years. Experts' opinion is that WTO membership brings numerous benefits to a member state. Producers will benefit from easier access to foreign markets, as will consumers, who will have access to higher quality and more diverse products at lower prices. Studies have shown that WTO membership regularly brings export growth to new member states, and WTO membership is also one of the conditions for EU membership.