CEI MINISTERS OF ECONOMY STRESS IMPORTANCE OF TRADE LIBERALISATION

ZAGREB, Nov 20 (Hina) - The Ministers of Economy and Foreign Trade of the Central European Initiative (CEI) member states on Friday released a joint statement upon the completion of their meeting in Zagreb, which focused on further liberalisation of trade. The meeting, chaired by Croatian Economy Minister Nenad Porges, gathered delegations from 16 CEI member-states and representatives from international financial institutions. "The Ministers had a comprehensive exchange of views on the possibilities and prospects for a wider trade liberalisation among the CEI member states in the context of European integration". Trade liberalisation is "an important element for achieving long term growth and sustainable development in the context of globalisation" and it should eliminate "substantial barriers to trade" among CEI member states. The Ministers agreed that the further liberalisation of trade should be based on the regulations of the World Trade Organisation (WTO) and expressed hope that non WTO member states would be able to join the WTO as soon as possible. The ministers also expressed hope that the current financial crisis would not lead to a decrease of direct foreign investments in countries in transition. The countries in transition should take further steps in attracting direct foreign investments through the creation of transparent legal systems and stable macroeconomic and political environment, the statement said. The Ministers also pleaded for an adequate support and recognition of the specific needs of the CEI member-states in the multilateral economic organisations. They reiterated the importance of infrastructure in the context of economic co-operation stressing the role of Paneuropean Corridors. (hina) jn rml