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Bosnia, Herzegovina-EU FTA In Force

by Ulrika Lomas,, Brussels

02 June 2015

The Stabilisation and Association Agreement (SAA) between the European Union and Bosnia and Herzegovina (BiH) entered into force on June 1.

The Agreement is intended to further prepare the country for future EU membership. It provides for the creation of a free trade area between the country and the bloc within five years.

Federica Mogherini, High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, welcomed the agreement's entry into force, stating: "Today's full entry into force of the Stabilisation and Association Agreement is a milestone on Bosnia and Herzegovina's EU path. [A] new chapter begins. Political clarity, decisive action and a real, coordinated effort by institutions at all levels are now needed to develop and implement the reform agenda. Tangible results will be fundamental for the [EU] Council to consider a membership application in the future. An overwhelming majority of BiH citizens want their country to join the EU and the leadership of the country needs to redouble its engagement and meet citizens' expectations."

Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, added: "I welcome the entry into force of the SAA as a defining moment in the relations between the EU and Bosnia and Herzegovina as well as an agreement which firmly sets BiH on an EU-accession path. At the same time, the SAA also brings new responsibilities stemming from its implementation and for BiH authorities to deliver upon. The Commission will spare no effort assisting the country's authorities in the implementation of the necessary reform agenda."

TAGS: tax | European Commission | Bosnia and Herzegovina | export duty | import duty | trade | Europe

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