CEFTA takes effect in fall

The CEFTA regional free trade agreement took effect Thursday in four regional countries.

Izvor: Beta

Friday, 27.07.2007.

10:21

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CEFTA takes effect in fall

The agreement will take effect in Croatia in August, while Serbia and Bosnia-Herzegovina are expected to announce the ratification of the agreement in the fall.

The CEFTA agreement looks to make away with all customs restrictions for industrial and agricultural products in countries of the region by 2010 at the latest.

Montenegro, Croatia, Albania, Bosnia-Herzegovina, Serbia, Bulgaria, Moldova, Romania and Macedonia, as well as the United Nations Mission in Kosovo (UNMIK) on behalf of Kosovo, signed the agreement in December 2006.

Director of the Serbian Chamber of Commerce's Regional Cooperation Bureau, Milivoje Miletić, said that Serbia and Bosnia-Herzegovina need to ratify the agreement as soon as possible.

With the ratification, Serbia would speed up the solving of its trade problems with neighboring countries, which are Serbia's target markets.

“CEFTA is a prerequisite for EU membership, according to WTO standards, and contains changes in bilateral relations, firstly in the liberalization of public acquisitions and attracting investors to the region,” Miletić said.

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