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In part three of this week's trade bloc series, we are taking a look at CEFTA.

Historically, the Visegrad Group, Czech Republic, Hungary, Poland, and Slovakia, were at the cross roads of trade in Central Europe. The Central European Free Trade Agreement (CEFTA) was initially established in December 1992 as a free trade agreement by the Visegrad group, with the goal of eventually further integrating into political, economic, legal, and security of institutions in Western Europe. Currently, Albania, Bosnia and Herzegovina, Macedonia, Moldova, Montenegro, and Kosovo are parties to the CEFTA agreement. Due to changes of the agreement in 2006, memberships are ended once member states of CEFTA are accepted into the European Union, and Balkan states are now covered by CEFTA.