| Gligorov: service sector will benefit most from CEFTA |
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| Thursday, 08 May 2008 22:23 | ||||
 Montenegro’s service sector should benefit most from the Central-European Free Trade Agreement (CEFTA), says Vladimir Gligorov, of the Institute for International Economic Studies and Research in Vienna.He said that CEFTA will benefit all, since it will result in a more efficient utilization of resources and add flexibility to labour and commodity markets. CEFTA members - Albania, Bosnia - Herzegovina, Montenegro, Croatia, Macedonia, Moldova and Serbia - hope to fully liberalise the central European trade zone by December 31, 2010. Gligorov said that countries that are net food importers, such as Montenegro, usually benefit from CEFTA. “On the other hand, agricultural producers have to increase productivity and most probably will need to specialize in production that Montenegro has comparative advantages in,” Gligorov said. Montenegro’s service sector should benefit most from CEFTA during the next five years, according to Gligorov. The commonly held opinion that Montenegro will not become a full member of the European Union until at least 2015 is one that is shared by Gligorov. Should the world’s stock markets rebound from the current doldrums they are suffering through, Montenegro’s prospects for foreign investment should improve, says Gligorov. “Moreover, it is expected that Montenegro will continue with the accelerated EU integration process and continue its efforts to join NATO, both of which make long-term expectations more stable and quite favourable for investments,” Gligorov said. He added that it was in the interest of all countries to operate transparent financial markets and have transparent ownership structures. “Because owners and investors have legal obligations to the market, they should not be allowed to do business through offshore companies that can side-step those obligations. In that regard, what the EU does and requests - and the situation in the United States of America is similar - is in the interest of the proper operation of financial markets,” Gligorov said.
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