Macedonia, Serbia/Montenegro sign free trade agreement

Macedonian Information Agency

10/23/2005

MACEDONIA, SERBIA/MONTENEGRO SIGN FREE TRADE AGREEMENT

Skopje, October 21 (MIA) - Macedonian Minister of Economy Fatmir Besimi and Serbia/Montenegro Minister on International Economic Relations Predrag Ivanovic signed Friday a Free Trade Agreement, which envisages full liberalization of trade between Macedonia and Serbia/Montenegro, increase of competitiveness among businessmen, better quality and lower prices of products at the common market.

"The agreement provides equal conditions for business entities of both countries and is a foundation for creation of conditions in attracting foreign investments, as well as higher quality and lower prices for citizens, thus stimulating competition", Ivanovic said.

Assessing that both economies required greater competitiveness, Ivanovic stated that the best instrument for establishment of an efficient economic system was the Free Trade Agreement.

Minister Besimi emphasized that the agreement was a signal that the region was ready to accept commitments deriving from integration processes.

The new Free Trade Agreement is expected to enter into force on January 1, 2006, preceded by its ratification in countries’ parliaments.

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source: MIA