The Cabinet approved the draft law to accept the Additional Protocol No. 5 to join and amend the Central European Free Trade Agreement (CEFTA), IPN reports.

By this agreement, the Republic of Moldova undertook to simplify the customs procedures and to reduce the formalities imposed on trade with the member states. The decision to launch the Additional Protocol No. 5 will extend these concessions and will offer new ones. There will be simplified the border inspections and stimulated the exchange of information between the member states. The protocol also envisions the mutual recognition of Authorized Economic Operators.

It is expected that the implementation of the Additional Protocol No. 5 will lead a reduction in the time spent in customs by business entities that take part in regional and international trade. The costs incurred by these will also decrease, while the competitiveness of the member states will be enhanced.

The protocol will take effect after it is accepted by two thirds of the CEFTA states, namely Albania, Bosnia and Herzegovina, Macedonia, Moldova, Montenegro, Serbia, and Kosovo.