Foreign trade of BiH functioning amid the spread of coronavirus

(Patria) - Minister of Foreign Trade and Economic Relations of BiH Staša Košarac discussed today in Sarajevo with the President of the Foreign Trade Chamber of BiH Vjekoslav Vuković about foreign trade of BiH amid the spread of coronavirus.

It was emphasized at the meeting that foreign trade has been partially slowed down in the new situation, but not halted.

The interlocutors stated that, according to existing records, there has been a three percent decrease in the volume of foreign trade in the first two months of 2020 compared to the same period last year. It was emphasized that trade is functioning, although there are restrictions with some CEFTA Agreement countries.

Minister Košarac and the President of the Foreign Trade Chamber of BiH Vuković exchanged views on the analysis of trade in vital goods, focusing on products of the food industry, as well as medical, pharmaceutical, and sanitary supplies.

The interlocutors assessed the measures implemented so far amid the spread of coronavirus as successful, and emphasized the need to expand additional measures in the financial sector, concerning banking products, including guarantees.

Minister Košarac announced that a working group meeting will be held in the coming days to monitor the consequences of the coronavirus on overall economic activity in BiH, which was formed at the request of the Chairman of the Council of Ministers of BiH, in coordination with the Prime Ministers of Republika Srpska and the Federation of BiH.

It was stated at today's meeting that, until the meeting of the mentioned working group, the Foreign Trade Chamber of BiH will prepare additional information, and that Minister Košarac will request additional information regarding BiH's foreign trade from the Indirect Taxation Authority of BiH and the CEFTA Secretariat.

Minister Košarac and the President of the Foreign Trade Chamber of BiH Vuković agreed that in the coming period they will hold joint working meetings on a weekly basis to try to effectively respond to the challenges faced by economic entities in BiH amid the spread of coronavirus.