EU welcomes FTA of Balkan states

EU welcomes FTA of Balkan states

The European Union (EU) on Tuesday welcomed the signing of a free trade agreement by Balkan states, saying the accord makes the Western Balkan countries closer to the EU.
Leaders of Albania, Bosnia, Bulgaria, Croatia, Macedonia, Moldova, Montenegro, Romania and Serbia signed the Central European Free Trade Agreement (CEFTA) in Bucharest on Tuesday.
"For the (EU) candidate and potential candidate countries, CEFTA is a stepping stone toward the closer economic cooperation that is an inevitable part of membership of the European Union," said EU Enlargement Commissioner Olli Rehn.
The new CEFTA consolidates 32 bilateral free trade agreements in the Southern European Region into a single regional trade agreement.
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."
The EU is by far the region's biggest trading partner and a key source of foreign direct investment.
Source: Xinhua