Albania is a country located in Southeastern Europe in the Balkan Peninsula with an Adriatic and Ionian coastline. Neighboring countries include Greece, Macedonia, Montenegro, and Kosovo. Albania has a strategic location along the Strait of Otranto linking to the Mediterranean Sea. The government system is a Republic. The chief of state is the President, and the head of government is the Prime Minister. Albania, having transitioned from a centrally-planned state in the 1990’s, is an open-market economy in which the prices of goods and services are determined in a free price system. Albania is a member of Central European Free Trade Agreement (CEFTA) and the Black Sea Economic Cooperation (BSEC).