Brussels, 19/12/2012 (Agence Europe) - The EU and Bosnia-Herzegovina have sealed a bilateral agreement at the WTO, which paves the way for the accession of this former Yugoslav Republic to the multilateral body.
On Wednesday 19 December in Brussels, Commissioner Karel De Gucht and the Bosnian minister for trade, Mirko Sarovic, signed a bilateral memorandum of understanding on market access for goods and services required by Bosnia-Herzegovina to join the WTO. The country has been a candidate to join the WTO since 1999.
On Wednesday, De Gucht welcomed the “remarkable progress” made by the country towards joining, which will make a sustainable contribution to the economic reform process begun by Sarajevo. Sarovic welcomed the agreement by stating that “Bosnia and Herzegovina is committed to become an active member of the multilateral trading system and has invested serious efforts in this respect. The inestimable support provided by the EU is delivering positive results. Today's event represents a step closer to our final common goal and we are confident that it will help in finishing the rest of the bilateral negotiations in the WTO in the months to come. If we find the same constructive attitude with other partners, we could become WTO members in 2013.”
In order to join the WTO, Bosnia-Herzegovina also has to conclude similar bilateral agreements with other WTO countries. It has already negotiated agreements with Canada, China, South Korea, the US, Japan and Norway. It also has to agree to multilateral commitments, such as implementing legislation compatible with WTO rules.
At a multilateral level, Bosnia is committed to reforming its trade regime, particularly with regard to anti-dumping and compensatory measures, sanitary and phytosanitary measures, technical trade barriers, free zones, agriculture and intellectual property rights.
The EU is Bosnia-Herzegovina's main trading partner, accounting for almost 73% of its exports and more than half of its imports. In 2011 the total value of EU goods exported to Bosnia and Herzegovina was €3.5 billion, whereas imports from Bosnia-Herzegovina amounted to €2.4 billion. Machinery and transport equipment, chemicals and manufactured products are the most traded products.
Bilateral trade commitments between the EU and Bosnia-Herzegovina are included in the stabilisation and association agreement (SAA) signed in June 2008. Pending ratification of the SAA, an interim agreement on trade-related matters has been applied since 1 July 2008. (EH/transl.fl)