A free trade agreement between Montenegro and member-states of the Association of the European Free Trade Association (EFTA) was signed Monday in Geneva, it was announced by the Montenegrin government.

The agreement should go into effect on July 1 next year, after ratification by all signatories.
EFTA is an international organization that was founded on the basis of the Stockholm Declaration of 1960, and comprises Iceland, Lichtenstein, Norway and Switzerland.

Agreements with the EFTA countries were signed earlier by Serbia, Croatia, Macedonia and Albania, while negotiations with Bosnia and Herzegovina started this year.

Montenegro is a small and very open economy and the signing of free trade agreement with EFTA countries opens prospects for Montenegrin exporters and producers to become more active in international trade, Minister of Economy Vladimir Kavaric said.

He pointed out that the market of EFTA countries has 13 million potential consumers of Montenegrin products, in accordance with improved international business rules and market access conditions.