PROPOSED LETTER OF INTENT ON ENHANCING COOPERATION WITH USA SUBMITTED TO BiH PRESIDENCY

SARAJEVO, JUNE 24 /SRNA/ - The Ministry of Foreign Trade and Economic Relations in the Council of Ministers has submitted to the Presidency of BiH a proposed Letter of Intent aimed at enhancing bilateral, trade, and economic relations with the United States, Minister Staša Košarac confirmed to SRNA.

The initiative was proposed by the President of Republika Srpska Milorad Dodik, with full support from the Serb member and Chairwoman of the BiH Presidency Željka Cvijanović, as well as the Government of Republika Srpska. "Today we completed our part of the work, in line with the conclusion of the Council of Ministers from its 81st session held on June 12, and we have submitted the proposed Letter of Intent to the BiH Presidency for further action," Košarac explained. At the same time, he added, the governments of Republika Srpska, the Federation of BiH, and the Brčko District have been addressed with a request to provide information on fields where there is willingness and potential for cooperation with the U.S. "The proposed letter of intent emphasized that BiH expresses interest in initiating consultations and negotiations toward concluding a Free Trade Agreement with the United States, including mutual regulation of customs tariffs," Košarac stated. The letter outlines that apart from specific fields, energy transition, resilience and sustainability, development of major transport infrastructure, increased investment volume, improved and facilitated market access for goods and services, and other fields of mutual interest are of particular interest to BiH, which would like to deepen bilateral cooperation, within its legal framework and international obligations. "We also expressed interest in continuing to supply the U.S. market with goods and services we already export, while simultaneously seeking opportunities to diversify that offering where possible," Košarac added. The letter notes that, as a sign of BiH's serious intent, a proposed decision has been prepared and submitted to temporarily suspend customs duties on imports of US-origin goods defining that such goods are fully exempt from customs duties, i.e., subject to zero tariff rates. "We emphasized our readiness to open consultations on other aspects as well, including tariff schedules and customs procedures that would facilitate trade with the US We remain committed to constructive efforts, including negotiations and the signing of concrete agreements and other legally binding instruments, with the goal of elevating cooperation with the United States to a more advanced and substantive level," said Košarac.