Meat from BiH gets preference in Turkey

(Patria) - The Council of Ministers of BiH has determined the Draft Free Trade Agreement between Bosnia and Herzegovina and the Republic of Turkey, through which the two countries strengthen economic and trade ties and improve overall bilateral cooperation.

The new agreement will replace the old one, and a significant novelty is the introduction of preferential treatment for meat from BiH, as a contractual provision. This practically means that the export of meat from groups that were previously subject to full customs duties when exported from BiH to Turkey under the agreement will be transformed into a contractual arrangement. Turkey will announce approved quantities of unilateral annual duty-free tariff quotas for the import of meat originating from Bosnia and Herzegovina, which will be effective from January 1st of each year. 

Further liberalization in accordance with the General Agreement on Trade in Services (GATS) within the World Trade Organization will enable BiH businessmen to access the markets for services and public procurement of the Republic of Turkey, which will result in increased export of services and competitiveness.

The agreement will, on the other hand, enable a better inflow of foreign direct investment and thus contribute to the development of the economy in BiH. Ultimately, this will lead to lower prices and better quality, and expand the choice for consumers, thus affecting their savings.

The draft agreement will be submitted to the Presidency of BiH for further procedure, and the Minister of Foreign Trade and Economic Relations has been proposed as the BiH signatory.