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CEFTA needs one more ratification, Serbia

CEFTA needs one more ratification

11 July 2007

Beta/BELGRADE — The Central European Free Trade Agreement (CEFTA) needs one more country to ratify it before it can take effect.

At a conference dedicated to the agreement held in Belgrade, Croatian ambassador to Serbia Tonči Stančić said that Croatia, as the depositary, has received confirmation of ratification of the agreement from Albania, UNMIK in the name of Kosovo, Macedonia and Montenegro, adding that only one more country is needed for the agreement to take effect.

The agreement has been ratified by Croatia and Moldova, while Serbia and Bosnia-Herzegovina are expected to do the same.

CEFTA will officially take effect by the end of the year, and a complete liberalization of trade between the countries involved in the agreement should be achieved by 2010.

Serbian Chamber of Commerce President Stojan Jeftić said that Serbia will benefit greatly from the agreement, and stressed the importance of what he called “diagonal accumulation of product origin,” which the agreement enables.

Serbia will thus use preferentials for export to the European Union, even for the products in which it contributed to less than 51 percent of the production, which is currently not allowed, Jeftić said.