Under the auspices of the Stability Pact for South Eastern Europe, the Agreement on Amendment of and Accession to the Central European Free Trade Agreement (CEFTA 2006) was signed by the ministers responsible for trade in Bucharest on 19 December 2006.

This Agreement substituted all the bilateral agreements previously applied in the region. The agreement entered into force on 26 July 2007 for five Parties - Albania, Macedonia, Moldova, Montenegro and UNMIK/Kosovo, while for Croatia it entered into force on 22 August 2007, for Serbia on 24 October 2007 and for Bosnia and Herzegovina on 22 November 2007. Thus, full implementation of CEFTA 2006 started at the end of 2007.