EFTA, Bosnia FTA To Benefit Maritime Industry

by Ulrika Lomas, Tax-News.com, Brussels

19 February 2015

The European Free Trade Association (EFTA) states – Liechtenstein, Iceland, Switzerland, and Norway – and Bosnia and Herzegovina have marked the entry into force of their free trade agreement (FTA) with a series of trade promotion seminars.

The EFTA-Bosnia and Herzegovina FTA became effective on January 1, 2015, after talks concluded with the deal's signature in June 2013.

The seminars were held in Sarajevo on February 17 and in Banja Luka on February 19. The sessions focused on the opportunities created for Bosnian and Herzegovinian producers and exporters. Topics included customs issues, such as rules of origin and verification procedures, as well as sanitary and phytosanitary requirements and technical standards.

Under the FTA, EFTA states removed all customs duties on imports of industrial products, including fish and other marine products. Bosnia and Herzegovina eliminated all customs duties on imports of industrial products from EFTA states. Customs duties will be gradually reduced on certain fish and other marine products over the period to 2018.

The FTA primarily covers industrial products. However, bilateral agreements were reached to reduce customs duties on selected agricultural products.

In 2014, total trade between the EFTA states and Bosnia and Herzegovina was worth USD185m.

TAGS: marine | free trade agreement (FTA) | Bosnia and Herzegovina | Iceland | tariffs | Liechtenstein | Norway | Switzerland | standards | trade

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