The Hindu : Bosnia to sign trade pact with India soon

Online edition of India's National Newspaper
Saturday, Mar 15, 2003

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Bosnia to sign trade pact with India soon

By Our Special Correspondent

BANGALORE MARCH 14. Bosnia and Herzegovina (BiH) will sign the Double Taxation Avoiding Agreement with India in the next few months, according to the BiH Ambassador in India, Zeljko Janjetovic. Addressing members of the Greater Mysore Chamber of Industry here today, Mr. Janjetovic said the accord might be signed during the BiH Foreign Minister's visit. Regulations and laws were changing. So far, the laws regulating foreign investments existed only on levels of entities as there were obligations of double payments and tax liabilities and they were unfavourable to foreign investors.

BiH had signed with India a trade accord last April. The areas of cooperation included information technology, pharmaceuticals, auto components, engineering goods, and tourism and joint venture areas were textiles and leather manufacturing. India's exports to Bosnia included coffee, leather garments, cotton yarn, fabrics and garments, silk fabrics, spices, iron ore, machine tools, software and heavy transport and military equipment. India imported heavy electrical equipment, steel products, chemical products and mining equipment.

He said recent changes in the EU import policies sought to favour manufacturers in BiH and all restrictions on the sources of origin on materials used in garment productions had been set aside. BiH clothing and footwear manufacturers could freely trade with EU-based firms in Outward Processing Trade and there were no quota restrictions on clothing made in BiH. Tourism was another sector, which had potential due to its geographical location, cultural, and historical values. P.Varadan, member, GMCI Committee, in his welcome address, stressed the need to increase bilateral trade.

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