Minister for Europe and Foreign Affairs, Olta Xhaçka, and the Ambassador of the United Kingdom to Albania, Norman Dunkan, signed today at the premises of the Ministry for Europe and Foreign Affairs an Agreement on the Partnership, Trade and Cooperation between the Republic of Albania and the United Kingdom and Northern Ireland.
The signing of this agreement marks a further step in fulfilling the legal framework between the two countries in this field. It ensures the cooperation and the continuation of trade between Albania and the United Kingdom, with the same preferential conditions even after Brexit. This Agreement has a tripartite approach to the rules of origin, between the United Kingdom, Albania and the European Union, where the parties agree to maintain the same preferential conditions in trade as foreseen in the Stabilization and Association Agreement between EU-Albania, for agricultural products as well as industrial products. Through this agreement the parties are committed to providing a platform for further liberalization of trade between them.
The expansion and boosting of bilateral trade through the harmonized development of economic relations between the two countries and the elimination of barriers and restrictions in the trade of goods and services will contribute to the development and intensification of bilateral cooperation between our two countries.
Referring to the data, there is a still untapped potential for increasing economic and trade cooperation between our two countries. The UK makes about 1.4% of our total imports from EU member states and 0.4% of total exports to EU countries. To this end, the approval of this agreement will continue to deepen economic cooperation between the two countries, as it is expected to have a significant effect on the level of FDI flows in Albania, as well as increasing Albanian exports by improving the country exports trade balance.
