Vasić: BiH will advocate for better dispute settlement mechanisms in CEFTA

Vasić: BiH will advocate for better dispute settlement mechanisms in CEFTA

SARAJEVO, January 24 (FENA) – Vice-President of the BiH Foreign Trade Chamber Nemanja Vasić believes that BiH should launch negotiations on establishing more effective dispute settlement mechanisms between members during this year’s CEFTA presidency, after taking it over from Albania, as it turns out it has not been well defined.

“If this is resolved in a satisfactory manner, we can expect this period of the presidency to be useful for BiH,” Vasić told FENA.

He reminded that CEFTA was expected to bring greater benefits to BiH companies, since it covers a market of 30 million people.

However, he emphasized that CEFTA, on the other hand, implies more competition as well, and when summarizing the results of the previous BiH presidency in 2013, we can conclude that this opportunity was not used adequately.

“We have been quite unprepared for this arrangement because BiH companies have not recovered from the war in order to be able to cope with the companies of the surrounding countries on an equal footing,” said the Vice President of the FTC BiH, adding that the situation is now somewhat different and that BiH companies are in a better situation today.

As a negative side of the whole previous period in CEFTA, he cited the non-customs barriers applied by our neighbors, which we did not impose in return, which caused us a lot of damage.

Vasić said that BiH’s priorities during the presidency are not yet known, but could relate to insisting on the free movement of people and goods and accelerating the flow of investment, all with the aim of increasing BiH exports.

The Agreement on Amendment and Accession to the Central European Free Trade Agreement (CEFTA 2006) was signed on 19 December 2006 in Bucharest, and entered into force for Bosnia and Herzegovina on 22 November 2007.