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(ANSAmed) - BRUSSELS, JULY 1 - The European Commission has welcomed today the entry into force of the Interim Agreement (IA) with Bosnia and Herzegovina. The IA effectively creates a free trade area, with progressive opening of the market of Bosnia and Herzegovina facilitating economic and social development. EU Trade Commissioner Peter Mandelson said: "Trade is a key element of EU policy in the region and an important driver of development. The free trade area will create economic opportunity and will attract more European investment to Bosnia and Herzegovina". The agreement allows free access to EU markets for almost all goods from Bosnia and Herzegovina, which in turn will gradually open its market to the European products and services. Bosnia and Herzegovina will also introduce standards from the EU, progressively aligning its legislation in a number of areas such as competition, intellectual property, investment, public procurement or protection of personal data. This process will facilitate economic and social development in Bosnia and Herzegovina and will encourage proceeding with further economic reforms. Finally, the institutional set-up foreseen in the SAA/IA will constitute a forum of extensive dialogue and cooperation in trade related matters and beyond. The EU is Bosnia and Herzegovinàs biggest trading partner, with total trade of around 5 billion euro in 2007. In 2007, imports coming from the EU made up 66.7% of total imports by Bosnia and Herzegovina, while exports to the EU accounted for 71.4% of its total exports. In 2007, EU imports from grew by 6.1% year on year to reach over 1.8 billion euro, while exports to Bosnia and Herzegovina grew by 8.3%, reaching over 3 billion euro.(ANSAmed).