New CEFTA consolidates 32 bilateral free trade agreements

26 Dec '06

2 min read

Prime Ministers of South Eastern European countries and territories have signed a new Central European Free Trade Agreement (CEFTA). This marks the conclusion of ambitious negotiations launched on 6 April this year.

The new Central European Free Trade Agreement (CEFTA) consolidates 32 bilateral free trade agreements in the Southern European Region into a single Regional Trade Agreement.

Although the EU is not a party to this new Agreement, the European Commission has provided continuous political, technical and financial support, at every stage of the trade liberalisation process in South Eastern Europe. The EU warmly welcomes the conclusion of the agreement.

EU Enlargement Commissioner Olli Rehn said: "The CEFTA complements the EU's Stabilisation and Association Agreements for the countries of the Western Balkans."

"It makes an important contribution to economic development and regional co-operation. For the candidate and potential candidate countries CEFTA is a stepping stone towards the closer economic cooperation that is an inevitable part of membership of the European Union".

EU Trade Commissioner Peter Mandelson said: "CEFTA will replace the spaghetti bowl of regional FTAs in South Eastern Europe with a single agreement that will boost trade and attract investment. The expanded CEFTA will offer real economic benefits to all sides."

"But it also sends an important political signal. Closer trade relations in South Eastern Europe are a foundation for stability and growing prosperity".

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