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Country Brief

Montenegro is a small nation in Southeastern Europe bordering the Adriatic Sea, Albania, Bosnia and Herzegovina, Croatia, Kosovo, and Serbia. Exports rely mainly upon natural resources including aluminum, mineral fuels and oils, and iron and steel. Major trading partners include regional neighbors such as Croatia, Serbia, Slovenia, and Bosnia and Herzegovina, as well as the EU. A significant trade deficit is driven by energy and high value-added imports. Although the lack of WTO membership has hindered wider market access, regional integration has been aided by participation in the CEFTA, the EFTA, and an EU Free Trade Agreement. Moreover, Montenegro is pursuing further integration as a candidate country for EU membership. As such, it has signed an EU Stabilization and Association Agreement as well as an Interim Agreement on trade and trade-related issues. Nevertheless, trade competitiveness continues to suffer from low productivity, cumbersome regulatory and business environments, and underdeveloped transport infrastructure.