Agreement for the facilitation of trade between Albania and Montenegro

Agreement for the facilitation of trade between Albania and Montenegro

Tirana, 12 May 2016/Independent Balkan News Agency

Albania and Montenegro have ratified the agreement for the facilitation of trade with the World Trade Organization.

Ambassador of Albania at the World Trade Organization, Filloreta Kodra and the ambassador of Montenegro, have submitted the acceptance paperwork of each country in the organization.

With this acceptance by Albania and Montenegro, the number of members who have been part of the agreement is 79.

To enable the enacting of the agreement finalized in the conference of ministers in Bali 2013, it is necessary for the agreement to be ratified by 2/3 of the members of the organization which have initially signed it.

Prior to the ratification, Albania submitted in September 2014 a notification to be in category A at the moment when the agreement came in force.

The agreement which will introduce new legal bases and mechanisms for developing countries and less developing countries, has been estimated to increase global trade volume by 1 trillion a year, as the October 2015 report states.

The same report states that this agreement will benefit developing countries by increasing dispensable incomes by half. /balkaneu.com/