Signing of international agreement on Free Trade Zone in southeast Europe expected in August 2006

The adoption of joint declaration about free trade between the countries of southeast Europe closed the summit of prime ministers of the countries from the region, which was held in Bucharest.

The official commencement of negotations about unique agreement on free trade zone for the countries from the region was announced at the summit. The agreement will replace the existing 31 bilateral agreements on free trade that much improved trading activities in the region.

The agreement should include all countries and customs zones in southeast Europe.

The unique agreement for the countries from the region, the market with 55 million people, will make the entire trade exchange free - without any limitations on quantity and payment of duties.

According to the announcement of Serbia Minister of International Economic Relations Milan Parivodić, who spoke to European Commissar for Trade, Peter Mendelson, in Bucharest, the signing of the agreement is expected to take place in August 2006, whereas the Free Trade Zone should be put in operation at the beginning of the year 2007.