EU fashion industry benefit from trade deal

EU ministers have been asked to swiftly approve a comprehensive trade agreement between the EU and Bosnia & Herzegovina, slashing duties on EU exports of leather and leather products. The move follows approval of long awaited Bosnian policing reforms which were a condition of the deal. As soon as the deal is formally approved by the EU Council of Ministers and the Bosnian federal parliament, Bosnian import duties on EU-made finished and reconstituted leather, tanned or raw hides and skins; leather waxes, creams and other preparations, will be halved, and scrapped altogether the following January.Meanwhile, Bosnian import duties on EU-manufactured leather and fur clothing; leather trunks, handbags, containers and cases; leather shoes and accessories, will be scrapped over three years. These duties are to be removed steadily, falling to 75% of current levels upon the deal coming into force (possibly later this year); then to 50% of today’s rates the following January; to 25% one year later; disappearing altogether the year after that.The agreement is the first step towards Bosnia joining the EU, scrapping all remaining duties for trade with other member states. Current EU presidency-holder Slovenia confirmed that the move promoted Bosnian ‘progress on the path towards EU integration.’