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Transcript of CEFTA
Central European Free Trade Agreement
Involves all of the non-EU countries in Southeast Europe.
The participating countries wanted to integrate into Western European institutions to join European political, economic, security and legal systems
By doing this, they hoped to consolidate democracy and free-market economics.
Founding Members: Poland, Hungary, and Czechoslovakia
Others in Agreement: Slovenia, Romania, Bulgaria, Croatia, Macedonia, Albania, Bosnia, Herzegovina, Moldova, Montenegro, Serbia, and UNMIK(Kosovo)
Created in December 1992 by the founding members.
By 2006 all of the founding members joined the EU and they expanded CEFTA to cover the Balkan states.
There were issues with Serbia, Bosnia and Kosovo. Kosovo created a declaration of independence but Serbia continues to claim it as part of its territory. Serbia and Bosnia have a trade blockade on Kosovo because they don't recognize the Republic of Kosovo.
It has been successful in preparing Participants for full European Union membership
The goal of CEFTA is to bring the participating countries closer to European Union Membership
They want to continue merging CEFTA nations into the EU
Impact from US pov
The treaty allows any of the countries in the agreement to back out at anytime.
Define the organization from a global point of view
The Future of International Trade
They can pull out whenever they want to which could cause trade issues also their are no trade relations between Czech republic and Slovak republic
This affects the future of international trade in many ways it leads the way for these past communist countries to become part of the trade with EU countries and potentially be part of the EU
Now they can trade without any embargo or trade barriers; their tariffs were also removed.