The EU and Montenegro have recently signed a free trade agreement (FTA) that promises to strengthen bilateral trade and promote economic growth in both regions. This agreement marks a significant step forward in the EU’s efforts to deepen its relationships with its neighboring countries and promote free trade.
The EU-Montenegro FTA will provide Montenegrin companies with access to the EU’s single market, which is the largest trading bloc in the world. In turn, the agreement will also open doors for EU businesses to the Montenegrin market of approximately 620,000 people.
The FTA not only abolishes tariffs, but it also eliminates non-tariff barriers to trade such as quotas and technical regulations. This will make trade between the two regions easier and less expensive, and will encourage greater investment in Montenegro.
The agreement will also enhance political and economic relations between Montenegro and the EU, as it signifies Montenegro`s commitment to the process of European integration.
This FTA is part of the EU`s broader strategy to promote economic cooperation and integration with its neighbors, particularly in the Western Balkans. The EU has already signed similar agreements with Serbia, Albania, and North Macedonia, and is currently negotiating similar deals with Bosnia and Herzegovina and Kosovo.
The EU and Montenegro have been working on this agreement since 2015, and it was finally signed in 2021 after both sides completed the necessary legal procedures.
Despite the challenges posed by the COVID-19 pandemic, the EU has remained committed to expanding its trade relations, and this FTA with Montenegro is a testament to that commitment.
In conclusion, the EU-Montenegro FTA is a significant milestone for both regions. It promises to boost trade, investment, and economic development, while fostering greater political and economic cooperation. This agreement is a testament to the EU’s continued efforts to promote free trade and deepen its relationships with its neighbors.