BH Businessmen will continue having the privileged Conditions for the Export to the US?

June 5, 2018 3:00 PM

Minister of Foreign Trade and Economic Relations of BiH, Mirko Sarovic, informed businessmen from BiH that the United States of America (USA) allowed a new extension of privileged imports to BiH.

The validity of the General System of Preferences of the US for BiH was extended for all business subjects that are exporting or preparing to export goods to the market of the US, and it was valid until the end of last year.

By the new revision of the US Congress, the GSP program will be valid from April 22, 2018, until December 31, 2020. The GSP program is applied retroactively, and thus importers who already paid customs duties on goods in the non-duty regime of the RS can request refunding of customs costs that were collected during the audit process between January 1, and April 22, 2018.

The General System of Preferences of the US is a program that is aimed at promoting economic growth in developing countries through the offer of preferential imports. BiH is included on the list of countries that have privileges on the basis of which BH businessmen receive preferential customs treatment for some products during their export to the US.

Preferential exports to the US is mostly applied to industrial and agricultural products, as well as certain textile products, in case that different conditions defined by the country that is GSP preference holder, are fulfilled.

One of the aforementioned conditions is the condition of origin, which means that the imported goods will be GSP-acceptable in the US if they are completely obtained or produced in BiH or produced in BiH with at least 35 % of added value when imported to the US, as well as that they were delivered directly from BiH.

(Source: klix.ba)

 

 

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