CEFTA ratification proposal in parliament

The draft law on the ratification of CEFTA was sent to the Serbian parliament Wednesday.

Izvor: Beta

Thursday, 02.08.2007.

11:34

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CEFTA ratification proposal in parliament

The ratification of the Central European Free Trade Agreement (CEFTA) would send a positive signal to foreign investors, speed up Serbia's integration with the EU, contribute to political stability in the region and strengthen economic cooperation, it was added in the explanation.

So far, six of the eight signatories of the agreement have ratified the agreement, i.e. all except Serbia and Bosnia-Herzegovina.

At the end of June, it went into in effect in Albania, Montenegro, Macedonia and Moldova, as well as in Kosovo, and in Croatia, officially, it goes into effect in August.

In order for the law to be implemented, funds will be needed for the financing of a CEFTA secretariat and, in the first three years, the main portion of the funds will be provided by the European Union.

It was added in the explanation that the plan is for the first meeting of the joint CEFTA committee, the highest body at the level of ministers, to be held at the end of September, whereby the agreement will essentially come into effect.

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