Business | June 28, 2001, Thursday // 00:00

A MEMORANDUM of understanding in the process of liberalisation and facilitating trade between Bulgaria, Albania, Bosnia and Herzegovina, Croatia, Yugoslavia, Macedonia and Romania was signed in Brussels yesterday. The signing of the document obliges the parties to close bilateral free-trade agreements. They will be agreed on common principles and will remove the customs duties and the volume limitations to exports and imports between the Balkan states. A transition period of reduction of up to six years is
envisaged for sensitive goods. Bilateral agreements for relieving trade have already been signed between some of the countries, others are being negotiated. Bulgaria has so far liberalised trade with Romania by virtue of CEFTA. An
agreement with Macedonia has been signed on a bilateral basis, negotiations are under way with Croatia. The initiative for the memorandum is of the Stability Pact.

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