Tuesday, June 13, 2017

In Trieste, Western Balkan PMs to start forming customs union

As expected, prime ministers of Albania, Bosnia-Herzegovina, the Serbian province of Kosovo, Macedonia, Montenegro and Serbia will meet in the Italian city of Trieste within the framework of the 4th Berlin Process Summit to sign a document concerning the establishment of the Western Balkan common market. Initially, the agenda is supposed to include a discussion about the integrated digital network that will allow member countries to cut tariffs on roaming services within the single economic area.

Readers of The Ukrainian Times know that Aleksandar Vucic, Prime Minister of Serbia, put forward the initiative to form the Balkan Customs Union. Basic principles of the customs union include the renunciation by member countries of internal tariffs and duties, removal of all restrictions on the movement of goods, as well as the adoption of common customs tariffs.

The documents about the basic principles and terms of operation of the Balkan Customs Union read to the effect that GDP of the countries, which may join the organization, totalled $243.5 billion last year and their population exceeds 18 million. According to Mr. Vucic, the initiative would not only expand a trade turnover within the region but also promote economic growth and a higher standard of living in the member countries of the Balkan Customs Union.

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