Seven negotiating teams have met today to kick off the reforms of CEFTA dispute settlement rules. In its first meeting they agreed methodology, timeline and next steps with an aim to conclude the process by end of 2021.
“A simple, efficient, and effective rules for solving trade problems will make sure that free trade in CEFTA is not an empty promise. We are doing it to enable predictable and sound environment for our businesses” – explains Emir Djikic, director of the CEFTA Secretariat. This is why dispute settlement is considered a corner stone of the multilateral trade. Djikic further explains that the result of these negotiations should be a set of formal rules and procedures for addressing trade barriers and resolving disagreements between the Parties.
Negotiations have been welcomed by the European Commission whose representative reminded the participants of the decision from June this year where EU committed 6 million euro for key activities underpinning regional economic integration, including implementation of reformed dispute settlement rules.