BiH to seek bilateral trade talks with U.S.
SARAJEVO, June 13 (Xinhua) -- The Presidency of Bosnia and Herzegovina (BiH) decided on Friday to launch bilateral economic and trade consultations with the United States, in response to recent U.S. tariff measures.
The initiative, introduced by Presidency member Denis Becirovic during an extraordinary session, calls for a flexible government-to-government (G2G) cooperation model, given the current improbability of formal free trade negotiations.
The Council of Ministers has been tasked with submitting a letter of intent to the U.S. trade representative within 10 days and taking steps toward a potential G2G agreement. The proposal aims to remove non-tariff barriers, enhance institutional ties, and strengthen investment frameworks, in line with existing international obligations, particularly those with the European Union (EU).
The Ministry of Foreign Trade and Economic Relations will analyze the U.S. policy's impact on BiH's external trade. No measures will be enacted before the analysis is complete.
Officials underscored the strategic importance of the U.S. partnership for BiH's political and economic future. Economic analyst Igor Gavran criticized the U.S. tariff policy as "economic bullying," warning of long-term repercussions for BiH manufacturers linked to EU supply chains, especially in the automotive sector.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
38 minutes ago
- New Straits Times
US trade war enters precarious 'Slow Grind' phase
US trade negotiations have transitioned from their opening act, with its many twists and turns, into a new, protracted chapter: the Slow Grind. It may be less turbulent than this past spring's drama, but no less worrying for investors. Now that the US and China have the framework for a trade agreement, attention may start to turn to the European Union, which appears next in line to strike a deal with the Trump administration. But the prospect of a swift resolution seems remote. Finding significant common ground to meaningfully reduce the EU's substantial goods surplus with the US, roughly US$200 billion annually, presents a formidable challenge, as major avenues appear blocked. The EU is highly unlikely to concede on agricultural market access given the region's strong and comprehensive policy for protecting local agriculture. Large-scale aircraft deals also seem improbable given the Airbus-Boeing rivalry. The contentious issue of pharmaceutical pricing will complicate any healthcare deals. While Europe could theoretically increase purchases of US defence equipment or relax "Buy European" policies in defence procurement, the political palatability of such moves is low. Consequently, the focus may inevitably shift towards the services sector, where the EU runs an approximately US$100 billion annual deficit with the US, driven largely by the operations of American technology giants. Here, a potential landing zone exists: the EU could conceivably ease some of its more burdensome technology regulations with limited immediate downside, offering a tangible, albeit partial, lever to address the overall trade imbalance. In fact, Section 899 in the Trump administration's proposed "One Big Beautiful Bill Act" — which threatens to increase taxes on entities from countries with "unfair foreign taxes" — appears to be aimed directly at digital taxes levied by EU countries on US technology companies. This suggests that this area could be a focal point in US-EU negotiations. US negotiations with the EU are also occurring against a markedly different backdrop than the one that prevailed in May during the earlier round of trade talks with China. Back then, the US was just emerging from a significant bout of financial market volatility and facing the risk of "empty shelves" if onerous tariffs on China remained in place, so both investors and business leaders were demanding urgent action. Importantly, EU exports to the US are predominantly industrial and luxury goods, not the daily consumables that directly impact the average American's pocketbook. Adding to this calmer backdrop, capital markets have shown signs of adapting to the current administration's seemingly unpredictable trade tactics. The S&P 500 index has rebounded 20 per cent since its post-Liberation Day low and is only around 2.0 per cent below its all-time high. One major risk, however, is that the US starts taking a harder line with Europe for fear of looking weak. Central to the US negotiation strategy is the perceived credibility of threats. Given the Trump administration's emphasis on the president's deal-making prowess, the US fundamentally cannot afford to be seen as backing down consistently, a scenario some critics have labelled "Trump Always Chickens Out" (TACO). Being perceived as unreliable with ultimatums would critically undermine the administration's negotiating power, not just with the EU, but globally. This need to maintain a credible hard line could add friction to the process, making concessions harder to make and progress slower to achieve. On the currency front, the euro may continue to appreciate against the US dollar — ending a more than decade-long trend of greenback strength — if wary European investors bring more capital back home. This could give the European Central Bank greater leeway to implement interest rate cuts, with less immediate concern about imported inflation. However, such euro strength has historically been negatively correlated with the performance of risk assets more broadly, adding another layer of complexity to the investment landscape. Further complicating the picture is the risk that the tentative deal just reached with China could unravel, reflecting the ongoing tug-of-war within the US administration between China hawks and pragmatists. The frenetic pace of the trade war's opening chapter has given way to a more arduous phase. This "Slow Grind" promises to generate more uncertainty, testing the patience of markets and policymakers alike, with progress likely measured in inches rather than miles.
The Star
3 hours ago
- The Star
New Zealand tries visa waiver to Chinese citizens travelling from Australia
Tourists take in the view of Auckland, New Zealand, after the rain from atop Mt Eden, a dormant volcano also know by its Maori name, Maungawhau, on Oct 5, 2024. - Photo: AP WELLINGTON: (Bernama-Xinhua) The New Zealand government announced a visa waiver policy on Sunday (June 15) for Chinese citizens travelling from Australia, Xinhua reported. According to Immigration New Zealand, starting November 2025, New Zealand will be trialling visa waiver status for Chinese passport holders travelling from Australia with a valid Australian visitor, work, student or family visa, allowing them to visit New Zealand for up to three months with a New Zealand Electronic Travel Authority (NZeTA) rather than applying for a visa. This does not include people transiting through Australia, and applicants will still need to meet the criteria for an NZeTA. Sunday's visa waiver announcement is a trial policy for 12 months and is believed to boost New Zealand's attractiveness as a destination for Chinese tourists. - Bernama-Xinhua
The Star
9 hours ago
- The Star
Myanmar steps up fight against money laundering related to online financial fraud
YANGON: The Central Bank of Myanmar has held a workshop to combat money laundering associated with online financial fraud, the state-owned newspaper The Mirror reported on Sunday (June 15). According to the report, the workshop was attended by the central bank's governor and deputy governor, officials from relevant ministries, and representatives from banks, mobile financial service providers and payment clearing services. Speaking at the event, the central bank's governor, Daw Than Than Swe, said the workshop was organised to raise public awareness about the links between online financial fraud, money laundering and terrorism financing. It also aimed to support reporting entities such as banks and financial institutions in developing effective prevention strategies, and to enhance cooperation and information sharing among stakeholders. She added that the workshop further aimed to discuss and identify solutions to the challenges encountered in AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) efforts related to online financial fraud, based on real-life criminal cases. She also said that the central bank was working to strengthen AML/CFT regulations to prevent banks and financial institutions from being exploited as intermediaries in online fraud schemes. The workshop also included discussions on the difficulties faced in combatting online fraud-related money laundering, as well as a panel discussion featuring senior bankers, according to the media report. Additionally, the role of AI technology in combating online financial fraud and money laundering was explored, alongside ongoing initiatives and collaborative efforts to address these issues, the report added. - Xinhua
