EU approves renewal of the trade pact with the Western Balkans

The agreement initially signed in 2000 allows entry of almost all exports from the Western Balkans into the EU without customs duties or restrictions on quantity.

Albania, Bosnia, Croatia, Kosovo, Macedonia, Montenegro and Serbia benefit from this pact as a participant in the process of Stabilization and Association EU.

"Together with existing bilateral agreements, preferential treatment in trade that aims to support economic integration with the EU and to advance economic and political stability throughout the region", said in a statement relevant to the Commission.

The new agreement is expected to take effect next January, but must be formally approved earlier by the European Parliament.

The commission stressed the importance of considering that the EU is the main trade partner of the region. During 2008-s exports by the EU in the Western Balkans marked a volume of 32.5 billion Euros, while imports 14 billion Euros.

Source:ekonomika-ks.com/23.02.2010