'As
the experience of the European Union itself shows, the benefits of regional integration
are
considerable: a single market attractive to foreign investors; increased
but
fair competition; and far greater clout in international negotiations.'
Françoise
Le Bail, Director, European Commission DG Trade
Target :
to
complete a network of bilateral Free Trade Agreements by 31 December 2002
In
June 2001, seven countries in South Eastern Europe committed themselves to complete
a network of bilateral Free Trade Agreements (FTAs) by the end of 2002 (Albania,
Bosnia-
Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania and Yugoslavia
- Moldova associated itself to the process through a statement of intent but is
not bound by the deadline). Each country undertook to negotiate and sign such
agreements with the six other countries of the region. The network of agreements
will provide the basis for a free trade area in South Eastern Europe (SEE), with
up to 55 million consumers. On the basis of its geo-strategic location and available
economic and human resources, this region will constitute a sizeable market for
goods, services and capital. The creation of a free trade zone will enhance the
capacity SEE to increased trade, to attract much needed investment and to better
integrate into the world economy. Where do we stand now ?
The
end of 2002 is the goal for the signature of a total of 21 free trade agreements.
Currently, 13 agreements have been concluded, the rest are under negotiation.
As most of these are in their final stages, we can conclude that SEE countries
have delivered! This is a highly positive signal to the business communities in
the region and internationally. But agreements on paper alone will not boost trade:
next on the Pact's trade agenda is implementation of the FTAs, including elimination
of non-tariff barriers, harmonising standards and simplifying border procedures. top
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