Central European Free Trade Agreement (CEFTA)
Kosovo’s economy has taken another big step toward EU integration by signing the Central European Free Trade Agreement (CEFTA). CEFTA is a trade agreement between Non-EU countries in Central and South-Eastern Europe. The agreement aims at establishing a free trade zone in the region by 31 December 2010.
As of 1 May 2007, the parties of the CEFTA agreement are: Kosovo, Albania, Bosnia and Herzegovina, Macedonia, Moldova, Montenegro and Serbia. Current membership criteria since Zagreb meeting in 2005:
- WTO membership or commitment to respect all WTO regulations
- Having an European Union Association Agreement
- Free Trade Agreements with the current CEFTA member states
At the EU's recommendation, the future members will be prepared for membership by establishing free trade areas. A large proportion of CEFTA foreign trade is with EU countries.