Leaders from the six Western Balkan countries and European Union officials met in Montenegro on Thursday to discuss strategies for accelerating trade and economic integration. The focus is on implementing necessary reforms, creating a regional single market, and progressing toward EU membership.
The countries—Albania, Bosnia, Kosovo, Montenegro, North Macedonia, and Serbia—have long sought to join the EU. However, the accession process has been slow, primarily due to the EU's cautious approach and the need for these nations to meet EU standards in various sectors, including the economy, judiciary, legal systems, environmental protection, and media freedoms.
This meeting in Montenegro follows recent high-level summits in North Macedonia's capital, Skopje, and Albania's capital, Tirana. The EU aims to support these countries with a 6 billion euro ($6.52 billion) growth plan designed to help them establish a regional common market and integrate into the European common market. This plan addresses critical areas such as the free movement of goods and services, transport, and energy, thereby enhancing trade opportunities.
Oliver Varhelyi, the European Commissioner for Enlargement, announced that the growth plan has transitioned from draft to implementation. Payments from the 6-billion-euro package will be distributed biannually until 2027, contingent on the countries implementing the required reforms.
“If all reform processes are on track, the Western Balkan countries should be ready by 2027 to join the EU, during the tenure of the next European Commission,” Varhelyi stated. He emphasized the potential for the next commission to be an "enlargement commission."
One significant incentive for the Western Balkans is access to the Single European Payment Area (SEPA), an EU payment initiative that simplifies bank transfers in euros, potentially reducing transfer costs by around 7% and lowering borrowing costs, which would support business expansion.
Serbia's President Aleksandar Vucic highlighted the trade benefits of the EU growth agenda, noting that the 6-billion-euro plan would facilitate faster trade and services within the region and with Europe. "This is something that brings huge benefits for the region," he remarked.
While Serbia and Montenegro were the first in the region to initiate EU membership talks, Albania and North Macedonia began discussions with Brussels in 2022. Bosnia and Kosovo remain further behind in the process. Montenegro, North Macedonia, and Albania are also NATO members.
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