CEFTA fails to meet expectations

Friday, October 17, 2008

CENTRAL EUROPEAN FREE TRADE AGREEMENT FAILS TO MEET EXPECTATIONS

SARAJEVO, Bosnia (October 17,2008) — In the first six months of 2008, the Bosnian economy did not experience positive effects on the trade exchange as a result of the CEFTA membership, it was said yesterday at the 4th forum of CEFTA chambers of commerce.The Central European Free Trade Agreement (CEFTA) is a trade agreement between Non-EU countries in Central and South-Eastern Europe.

The forum organized by the Bosnian Chamber of Foreign Trade opened in Sarajevo yesterday.

CEFTA also failed in meeting expectations in the areas of investment, the general standard of living, employment, etc, it was also said, and its impact is generally rated as minor to non-existent. After six months, Bosnia’s trade deficit has exceeded 4.6 billion Bosnian Marks.

According to an analysis unveiled yesterday, Bosnia has the most liberal trade policy in the southeastern Europe, and more than 30 per cent of trade exchange is done with the region.

source: Bosnia News