Memorandum on Economic Cooperation between BiH and the USA of Exceptional Importance for the Domestic Economy

(Patria) - Minister of Foreign Trade and Economic Relations of BiH Staša Košarac stated that the United States of America is an important foreign trade partner for BiH and that it is necessary to strengthen economic cooperation for the mutual benefit of the citizens of both countries.

He emphasized that the Ministry of Foreign Trade and Economic Relations of BiH has initiated the procedure for concluding a Memorandum of Understanding on Economic Cooperation between BiH and the USA, in accordance with the conclusion of the Presidency of BiH of January 20, 2021.

"We are actively working on signing the memorandum on economic cooperation, appreciating its significance and benefits for the domestic economy and foreign trade. This document will contribute to strengthening existing economic and trade ties, as well as intensifying the overall economic cooperation between BiH and the USA," said Minister Košarac.

He expressed hope that the USA will soon make a decision on extending customs preferences for BiH and 122 beneficiary countries of the GSP Program, which expired on December 31, 2020.

"Since these are unilateral customs preferences of the USA, the decision on whether and when they will be extended is made exclusively by the US Congress, both for BiH and for all beneficiary countries of the program as a package. Therefore, the decision does not depend on us, nor can we influence its adoption," said Minister Košarac.

He reminded that the US GSP program provides duty-free treatment for 3,500 products from BiH, and that in previous years there were no objections or requests for control of the provisions of this program in BiH.

"Given that this is not the first time the GSP Program has expired, we hope that the US Congress will soon make a decision on its extension, which will benefit businessmen from BiH and other beneficiaries of this program," said Minister Košarac.

 In 2018 and 2019, the main products exported from BiH to the USA were from the metal industry, bakery products, mineral water, juices, trampolines and trampoline equipment, umbrellas, cutting tools, and PVC carpentry.