News in English     | 04.06.2018. 11:26 |

USA grants preferential exports and refund of customs charges to BiH businesses

FENA Press release

SARAJEVO, June 4 (FENA) - BiH Minister of Foreign Trade and Economic Relations Mirko Šarović confirmed that the United States had granted Bosnia and Herzegovina a new extension of preferential imports to this country.

For all entities that export or are preparing to export goods to the US market, the validity of the United States General System of Preferences for Bosnia and Herzegovina, which was valid until the end of last year, has been extended.

By the US Congress' new revision, the GSP program will be in force from 22 April 2018 until 31 December 2020. The GSP program applies retroactively, so importers who have paid a customs duty on goods previously in the US non-duty regime may apply for a refund of customs charges incurred during the revision process between 1 January and 22 April 2018.

The United States' General System of Preferences is a program to promote economic growth in developing countries through the provision of preferential imports. Bosnia and Herzegovina is on the list of countries that have been granted privileges on the basis of which BiH businessmen receive preferential customs treatment for certain products while exporting to the United States.

Preferential exports to the United States apply to most industrial and agricultural products, as well as to certain textile products, provided that certain requirements defined by the country, the GSP preference holder, are met. One of the requirements concerns origin, meaning that, in order for the imported goods to be GSP-acceptable in the United States, they have to be wholly obtained or produced in Bosnia and Herzegovina or produced in Bosnia and Herzegovina with at least 35 percent added value when entering the USA, and they must be delivered directly from Bosnia from Herzegovina, the BiH Ministry of Foreign Trade and Economic Relations stated.

(FENA)
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