prijava
SARAJEVO, February 9 (FENA) - Relations between Bosnia and Herzegovina and the United Kingdom, when it comes to post-Brexit trade, will depend on the conditions under which the UK leaves the European Union, FENA learns from the BiH Foreign Trade Chamber.
Author: Muhamed Hadžibegić
It remains to be seen whether BiH will retain the same rules it has had under the European Union when it comes to trade or whether bilateral agreements will be drawn up between BiH and the UK that will define trade rules.
However, if changes occur, it will apply to all countries, not just BiH, and how the issue of trade with the UK will be solved will depend on the final agreement between the EU and that country.
According to the provisions of the agreement, the UK reached with the European Union, after completing the prescribed procedures on both sides, the country has left the EU at midnight on 31 January 2020, Central European Time.
In the transitional period until 31 December 2020, European legislation will continue to be applied within the UK as well as on the UK, including international treaties concluded by the European Union up to the time of Brexit.
The trade provisions of the Stabilization and Association Agreement between Bosnia and Herzegovina and the EU will continue to apply to trade between Bosnia and Herzegovina and the United Kingdom until the end of the transitional period or the conclusion of a new treaty between BiH and the United Kingdom.
From 2015 to 2019, BiH exported goods worth 383.14 million KM to the UK, and imported 972.92 million KM from the country, with an import-export ratio of 39.3 percent.
However, there is a trend of increased import-export ratio, which in 2015 amounted to 32.5 percent and in 2019 as much as 119.9 percent.
Ethylene polymers, medicines, air or vacuum pumps, motor vehicle parts and accessories, coffee, and toiletry and similar paper and cellulose wadding were the leading imports from the United Kingdom, and to that country, BiH exported hydrogen, precious gases and other non-metals, seats, boxes, sacks and other packaging containers, insulation wire, and prefabricated buildings.
(FENA) S. R.
