USA enabled preferential export for businessmen from BiH

SARAJEVO, (Patria) - Minister of Foreign Trade and Economic Relations of BiH Mirko Šarović confirmed the information, which, as he said, will please the public, and especially businessmen, that the United States of America has enabled Bosnia and Herzegovina a new extension of preferential imports into this country.

For all business entities that export or are preparing to export goods to the US market, the General System of Preferences of the United States of America for Bosnia and Herzegovina, which was valid until the end of last year, has been extended.

With the new revision by the US Congress, the GSP program will be valid from April 22, 2018, to December 31, 2020.

The GSP program is valid retroactively, so importers who paid customs duties on goods that were previously under the duty-free import regime in the USA can request a refund of customs costs incurred during the revision process, between January 1 and April 22, 2018.

The General System of Preferences of the USA is a program for improving economic growth in developing countries, by enabling preferential imports. Bosnia and Herzegovina is on the list of countries to which preferences have been granted, based on which BiH businessmen receive preferential customs treatment for certain products when exporting to the USA.

Preferential export to the USA applies to the largest number of industrial and agricultural products, as well as to certain textile products, provided that certain conditions defined by the country, the grantor of GSP preferences, are met.

One of the conditions is the origin condition, which means that imported goods to be GSP-eligible in the USA must be entirely obtained or produced in Bosnia and Herzegovina, or produced in Bosnia and Herzegovina with at least 35% added value upon entry into the USA, and that they are directly delivered from Bosnia and Herzegovina.