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Sunday, January 29, 2012

US Trade with Bosnia & Herzegovina

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Just as service activities have been major engines of national economic growth, so too have they become an increasing factor in international trade flows and economic interdependence. (Human Geography, pg.4) The political, economic and social map of the Bosnia and Herzegovina State was changed to a great extent by the war. The country is therefore in a period of transition, with programs of reform and reconstruction in progress. Before the war Bosnia and Herzegovina was a medium-developed industrial and agricultural state with about 1,000 industrial organizations. After the war it was left with economic output at less than 10 per cent of its previous record. The country is therefore currently under economic recovery, with the revival coming about through the combined efforts of the governments (Federation of Bosnia and Herzegovina and Republika Srpska), the international financial institutions, international donors and foreign investment.


Economic infrastructure (power, roads, railways, telecommunications, water supply etc) has been reconstructed giving a possibility of economic recovery and realization of projects. The number of the unemployed is extremely high; therefore tax concessions are available for potential investors who are opening new working places in the country. New employment as well as market ambience and institutional and political frameworks for fast economic and social transition are all priorities of the reconstruction process in Bosnia and Herzegovina. http//www.linkexports.co.uk/countryprofiles/regions.asp?lsid=5





US Reaches Out to Bosnia and Herzegovina Companies


Cheap University Papers on US Trade with Bosnia & Herzegovina




By Violeta KovaƧeviƧ for Balkan Times in Banja Luka -- 0/05/0


The US Embassy in Bosnia and Herzegovina (BiH) organized a series of presentations on programs the US government is sponsoring to support local economic development and co-operation between BiH companies and US. Led by Ambassador Clifford Bond, the delegation of US trade and commercial agencies began the US Commercial Outreach events in April.


The presentation held in Banja Luka on 4 April at the Republika Srpska (RS) Chamber of Commerce addressed companies from the greater Banja Luka region. The delegation discussed business development funds, preparation of feasibility studies, equity financing, business partnering, generalized system of preferential tariffs, environmental partnerships and trade lead facilitation. RS Prime Minister Malden Ivanic and BiH Ambassador to the United States Igor Davidovic attended the opening event.


Trade and business have always played an important role in bringing people together, said US diplomat Bond. He emphasized that the revival of BiH’s economy is an important factor in stabilizing this region.


Beryl Blecher, a commercial counselor with the US Commercial Service (CS) at the US embassy in BiH, explained her office’s role in facilitating economic co-operation between the two countries. CS offers a variety of sources for local companies seeking to establish contacts with US suppliers of equipment or services, such as registration in the BuyUSA.com database and CS-sponsored visits of delegations from local firms to major trade shows in the United States and Europe.


Jeanette Miller, director of business development for Southeast Europe at the US Trade and Development Agency, reported that the agency has invested more than $11m in feasibility studies and technical assistance to BiH since 17.


The Small Enterprise Assistance Fund, another US government-sponsored program, provides equity capital and technical assistance to small and medium enterprises with the goal of promoting sustainable economic development by encouraging business activity in transition economies. This program also provides marketing assistance to start-up businesses.


Harvey Lee, economic counselor at the US embassy, explained the system of preferential tariffs aimed at encouraging BiH exports to the United States. The generalized system of preferences program provides tariff breaks on BiH-produced products exported to the United States. The audience was particularly interested in this, as it provides the opportunity for local companies to place their products on US markets duty-free. (http//www.balkantimes.com/)


At the end of 00 and during 00 there are 7 countries in economic transition. Some of them are on the surface of the central and Eastern Europe. The report of transition that EBRD issued for year 00 was encouraging. Some of those 7 countries have improved their economic for ,5%. However, European union region countries have grown their economy for ,%. Less growth rate than in other countries in transition was resulted mainly because of floods that occurred during 00.


At the same time, countries of Southeast Europe, including Bosnia and Herzegovina, recorded the growth of ,5% in 00. The economy growth for 00 is expected to be 4%. This is a result of stabilization of political situation that offered more foreign investments. The rise of trade and export of goods is expected as well. Through a survey that shows the progress of transition, it has been proved that Bosnia and Herzegovina was one of the most active countries dealing with the same problem. Bosnia and Herzegovina was the strongest reformer in year 00. http//www.zivinicebih.com/bh/


Legal regulations defining the economic relations with foreign countries are compatible with regulations of the European countries.


The trade is largely liberalized. Import and export are free and, in some exceptions, there can be quantitative limitations in the protection of domestic market or protection of people, animals and environment.


Advantages of doing business with Bosnia and Herzegovina are


ɨ Stability of the exchange rate (national currency KM is linked with EURO),


ɨ Orientation of economic policy is free and open market,


ɨ Foreign and domestic legal and physical entities are equal in their rights and obligations in business operations.


There are some examples


Foreign trade exchange


in 000 KM


1. 000. 001. 00.


IZVOZ


Export BiH


(F BiH + RS+BD) 1.75.61 .64.1 .4.405 .08.65


F BiH 50.1 1.4.55 1.644.576 1.54.005


RS 45.406 85.6 58.8 565.647


BD BIH .000


UVOZ


Import BiH


(F BiH + RS+BD) 6.047.1 6.64.76 7.080.088 8.167.867


F BiH 4.458.76 4.85.6 5.8.6 5.70.500


RS 1.588.6 1.70.500 1.67.455 .164.67


BDBIH - - - 7.000


Most important foreign trade partners of B&H


EXPORT in 000 KM


Countries 000 001 00


Italy 515.014 51.171 46.54


Yugoslavia 464.80 4.568 417.71


Germany 6.061 5.878 6.60


Croatia 17.41 .61 11.55


Switzerland 84.856 8.647 .65


Slovenia 150.614 170.048 174.070


Austria 74.14 80.5 8.54


USA 0.65 .74 6.50


France 16.1 1.64 41.707


Macedonia 4.575 1.44 1.500


Turkey 40.707 10.667 1.0


Hungary 7.1 .41 1.1


Other countries .70 76.711 50.718


TOTAL EXPORT .64.1 .45.545 .08.65


IMPORT in 000 KM


Countries 000 001 00.


Croatia 5.14 1.05.85 1.64.487


Italy 704.14 .84 777.850


Slovenia 8.717 88.68 85.40


Germany 805.186 78.748 86.65


Yugoslavia 4.8 476.58 644.84


Austria 68.070 85.44 455.84


Hungary 07.711 11.88 406.11


Switzerland 167.48 04.4 148.51


USA 117.748 16.5 155.04


France 10.18 4.001 1.8


Turkey 4.406 57.557 114.646


Macedonia 5.57 44.0 40.76


Other countries 1.58.5 1.515.788 1.870.71


TOTAL IMPORT 6.64.76 6.811.0 7.84.867


MOST IMPORTANT EXPORT PRODUCTS OF B&H


No. Custom tariff Goods


1. 7601 Aluminum alloys


. 4407 Wood roughly trimmed-coniferous


. 716 Electric power


4. 401 Seats


5. 4101 Hides and skins of bovine animals


6. 40 Furniture, other and parts


7. 8708 Parts for vehicle


8. 640 Leather footwear


. 440 Wood in the rough


10. 60 Suits


MOST IMPORTANT IMPORT PRODUCTS OF B&H


No. Custom tariff Goods


1. 710 Oil from petroleum and bituminous minerals obtained by distillation and refinement


. 870 Vehicles, Motor cars


. 004 Medicaments put up in forms for retail sale


4. 40 Cigarettes


5. 1701 Sugar, beat, cane


6. 40 Furniture, other and parts


7. 5 Cement portland, slag,supersulfate,


8. 8471 Automatic data-processing machines and units thereof


. 0 Waters containing sugar or flavored


10. 8704 Motor vehicles for transport of goods


http//www.komorabih.com/en/economybih/foreigntrade.html


Before the war, as the name indicates, the Socialist Federal Republic of Yugoslavia was a socialist state, nevertheless with an interventionism less strong than in communist countries. Of course, this was also so in Bosnia and Herzegovina. The main indicators of this policy were the small numbers of privately owned firms, the high degree of social re-distribution and the predominance of heavy industries, as in Zenica (BiH Steel) or in Mostar (Aluminji). Furthermore, in his desire to strengthen the unity of the whole country, Marshall Tito spread out the points of fabrication of consumer goods among the whole of Yugoslavia. Thus, to quote a Zastava car as an example, the chassis was manufactured here, the engine there, and the tires in a third republic of the country.


Another specific point was the existence of the so-called payment bureau, which collected all the bills and taxes from the citizens and paid part of this revenue directly to the Party.


But BiH remained a landlocked country, with no access to the sea, no highways, few railway lines and only two ports on the Sava River, Samac and Brcko.


Is that to say that economic and social situations are frozen and that there is no chance of improvement? Certainly not, for a lot of things have recently changed for the better. Of course, its always more difficult to go towards an unknown system than to come back to a previously well known one. During more than 50 years - about two generations -, citizens of this country only experienced war and communism, and sometimes both together. Such moves, however as normalization of the dismantling of payment bureau, Air Space co-ordination, privatization, and the march for joining the Council of Europe are many examples of the efforts of the common institutions to reach western standards.


The HR (High Representatives) himself adopted a new concept of ownership, which means the progressive withdrawal of the international community and more responsibilities for the state institutions.


Another positive point was the creation, in July 1, of the Stability Pact, which deals with all the countries of the Balkans through a regional approach. There is virtual unanimity, in southeastern European countries, that the way forward is integration into Europe.


References


B&H Economics, Industry, Agriculture. Retrieved from the World Wide Web on 7//0,http//www.zivinicebih.com/bh/


Export Zone, Bosnia & Herzegovina.Retrieved from the World Wide Web on 7//0, http//www.linkexports.co.uk/countryprofiles/regions.asp?lsid=5


Felman D.G.,Getis A.,& Getis J.,(updated sixth edition),(001)Human Geography, Landscapes of Human Activities


Foreign Trade Chamber of Bosnia and Herzegovina, Foreign Trade. Retrieved form the World Wide Web on 7/0/0, http//www.komorabih.com/en/economybih/foreigntrade.html


South East European Times, Balkan Times (News Article) Retrieved from the World Wide Web on 7/5/0, http//www.balkantimes.com/





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