BUSINESS

BiH Finance and Treasury Minister shares opinion on Customs Union

BiH Finance and Treasury Minister Vjekoslav Bevanda said that he supports the Transport Community, but not the customs union in the Balkans.

Minister Bevanda believes that BiH should not in any case be in the customs union, as it would be contrary to the principles and commitments of the European path of BiH.

“We need a common European, not just a regional perspective”, Bevanda said to the local media.

The customs union is a principal component of the European Economic Community, established in 1958, and now succeeded by the European Union. No customs duties are levied on goods travelling within the customs union and—unlike a free trade area—members of the customs union impose a common external tariff on all goods entering the union.

A precondition of the customs union is that the European Commission negotiates for and on behalf of the Union as a whole in international trade deals such as the World Trade Organisation, rather than each member state negotiating individually.

(Source: ekapija)

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