Western Balkans leaders agreed Tuesday at the Sofia Summit within the Berlin Process to strengthen economic cooperation in the area through the development of a Common Regional Market based on EU regulations and standards, towards boosting its competitiveness and bring it closer to the Union.

They supported an Action Plan over the establishment of a Common Regional Market with a Regional trade area based on the free movement of goods, services, capital and people, the Central European Free Trade Agreement (CEFTA) said in a press release.

CEFTA will undertake an active role in the implementation of the key activities of the plan. Over the next four years, CEFTA focus on specific results benefiting companies and citizens, ensuring 30-percent shorter waiting time at border crossings through enlargement of Green Lanes and simplification of procedures supported by the Systematic Electronic Exchange of Data (SEED), reduction of export costs and bureaucracy, facilitation of e-commerce, and fast track toward EU single market.

“The integrated market of 18 million people is becoming more competitive at the European and global stage, and more attractive for foreign investors. The establishment of a Common Regional Market will help the area in the process of adopting EU standards and approximation to the EU single market,” said CEFTA Secretariat Director Emir Djikic.

CEFTA will be crucial for the implementation of the most important activities within the Regional trade area, but also in other areas of the plan, alongside the Regional Cooperation Council, the Transport Community, the Western Balkans 6 Chamber Investment Forum and other partners.