Turkish Economy Minister Nihat Zeybekçi on Monday called for more economic cooperation between Serbia, Bosnia-Herzegovina and Turkey.

"If Turkey, Serbia and Bosnia unite with a free trade agreement, it can become the most comprehensive and liberal agreement in the region," said Zeybekçi.

Turkey, Serbia and Bosnia-Herzegovina signed a Medium Term (2016-2018) Program and Action Plan in the Serbian capital Belgrade on Monday.

The ceremony was attended by Zeybekçi, Serbian Minister of Foreign and Domestic Trade Rasim Ljajic and Bosnian Foreign Trade and Economy Minister Mirko Sarovic.

According to the deal signed Monday, a council of representatives from the three countries will be established and they will hold meetings every month to discuss further economic cooperation.

Meanwhile, Serbia's Rasim Ljajic said trade with Turkey had increased considerably.

"We believe that the trade volume of Turkey and Serbia will reach a record number in this year, in effect $1 billion," said Ljajic.