July 13 (SeeNews) - The Western Balkans leaders have 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 European Commission said.
The economic area aims at developing a space where goods, services, investments and skilled workers can move without obstacles, the Commission said in a statement late on Wednesday, following the 2017 Western Balkans Summit in Trieste, Italy.
It noted that the concept will be put into operation through a multiannual action plan having four dimensions: trade, investment, mobility and digital market.
"Objectives to be reached over the next years also include development of digital markets, smart growth, mobility of skilled workers and mutual recognition of professional qualifications in the region", the Commission said.
The EU executive body added it will support the implementation of this initiative with a package of 7 million euro ($8 million) for the improvement of the investment climate, smart specialisation strategies and the Western Balkans Chamber Investment Forum.
The Forum, which gathers local chambers of commerce, inaugurated its permanent secretariat, which will help put the regional economic area into concrete opportunities for companies across the region.
There is no time frame for the establishment of the Regional Economic Area.
The Commission emphasized that the initiative is not an alternative to EU integration but rather an important milestone for preparation for EU accession of the countries of the Western Balkans.
"The progressive deepening of the economic integration in the region should be based on EU rules and principles. Such an approach will secure both integration within the region and with the EU," the Commission said.
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