BUCHAREST, Romania, Dec. 19 (UPI) -- Seven Balkan countries formed a free-trade zone in southeastern Europe Tuesday, creating a market of 30 million people, media said.
The Central European Free Trade Association includes Albania, Bosnia-Herzegovina, Croatia, Macedonia, Moldavia, Montenegro and Serbia. However, Bulgaria and Romania will abandon the group Jan. 1 when they join the European Union.
Leaders of the Balkan countries met in Romania to sign the agreement, which eliminates customs duties and requires products to carry "Made in CEFTA" labels, Serbia's RTS radio-television reported.
Romanian Prime Minister Calin Popescu-Tariceanu said CEFTA is the most significant free-trade treaty in the past 14 years.
EU Enlargement Commissioner Olli Rehn said CEFTA is an ambitious program for development of the Balkans and the region's preparation on its way to the European Union.
Rehn said the example of Bulgaria and Romania shows the way to the EU is through the CEFTA.
