TIRANA (Albania), August 27 (SeeNews) – The Regional Economic Area (REA) is the key to the goal of economic integration of the Western Balkans - Albania, Bosnia and Herzegovina, Macedonia, Kosovo, Montenegro and Serbia, EU enlargement commissioner Johannes Hahn said on Monday.
“Intra-regional trade is up for the first time in years: an increase of more than 13% in intra-CEFTA trade in 2017 compared to 2016,” Hahn said in a press release, after attending an informal meeting of the Western Balkans prime ministers in the Albanian port city of Durres.
Hahn noted that EU membership requires more than the rule of law reforms, adding that a boost for growth, jobs and prosperity for the region along the path to membership is needed.
“Given this backdrop, our own prediction of REA potentially creating around 80,000 new jobs by 2025 seems almost too cautious,” Hahn said, adding that the prospect of EU membership has already brought trade and investment benefits to the region but there is so much more potential.
Hahn also said better connectivity is essential for intra-regional trade and EU has so far mobilised 29 projects worth over 770 million euro ($895 million) in leveraged investment in the region.
In February, the European Commission adopted a strategy for supporting the EU integration of the countries of the Western Balkans, focusing on the need for fundamental reforms and good neighbourly relations.
The strategy includes six flagship initiatives which the EU will launch over the next years to support the transformation efforts of the Western Balkans in areas of mutual interest.
In July 2017 the Western Balkans leaders agreed on an action plan to develop a regional economic area to consolidate a market of some 20 million people, and so attract investment and generate growth and jobs.
The economic area aims at developing a space where goods, services, investments and skilled workers can move without obstacles, the European Commission said at the time. It noted that the concept will be put into operation through a multiannual action plan having four dimensions: trade, investment, mobility and digital market.
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