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"The European Union hopes that Western Balkan six leaders will reach an agreement on creating a joint regional market at the Summit in Italy on July 12," said Commissioner for European Neighbourhood Policy & Enlargement Negotiations Johannes Hahn. "The market could become active within a year," Hahn added. Hahn explained that joint market of Western Balkan could remove trading barriers, introduce standardized business rules and remove obstacles for work across the region, and that it would be based on existing regional agreement on free trade (CEFTA).