MEMORANDUM ON INVESTMENT PROTECTION WITH RUSSIA NEEDS TO BE CONCLUDED

JAHORINA, SEPTEMBER 25 /SRNA/ - The Ministry of Foreign Trade and Economic Relations in the Council of Ministers will continue the process of concluding a memorandum on the protection of foreign investments and investment between BiH and the Russian Federation, given the trend of increasing Russian investment in BiH, Minister Staša Košarac said.

Košarac said that this memorandum reflects the need to ensure stability for investments by Russian companies in BiH, both in Republika Srpska and the Federation of BiH, recalling that BiH halted its conclusion at the request of the European Commission.

"The policy of my ministry, based on the policies of Republika Srpska and President Milorad Dodik, has been to open BiH to foreign investment, thereby contributing to an increase in gross domestic product," Košarac told reporters after a meeting with the Working Group for Cooperation between Republika Srpska and Russia.

Košarac noted that BiH is in the final stage of signing such an agreement with the United Arab Emirates, which is a BRICS member, adding that he sees no reason why such a document could not also be signed with the Russian Federation.

The meeting also discussed BiH's membership in the World Trade Organization, as BiH has remained in the negotiating phase only with the Russian Federation, having previously signed 17 agreements with other countries, he said.

"I would like to thank the Russian side, which has demonstrated pragmatism and once again shown its friendly ties with BiH," said Košarac, who is also Deputy Chairman of the Council of Ministers.

Košarac pointed out that Bosniak politics is slowing down BiH's accession to the World Trade Organization, stressing that the dissemination of disinformation about the Russian Federation's influence is a disruptive factor in the country's membership in this organization.

He stressed that introducing sanctions against the Russian Federation is unacceptable to Republika Srpska and that representatives of Srpska will never allow it.

The meeting also discussed enabling cheaper imports of gas-powered vehicles, and Košarac said that the Ministry of Foreign Trade and Economic Relations had prepared certain decisions that would be submitted to the Council of Ministers for adoption.

He thanked the Russian side for providing free training to all experts in the field of standardization who come from BiH and receive training at academies in Russia.

Košarac said that the next meeting of the Working Group for Cooperation would be held next year in the Russian Federation, and called on the FBiH institutions to form a regional commission for cooperation with Russia in order to bring BiH standards closer to Russian standards.