A Stabilization and Association Agreement was signed on 29 October 2001 between Croatia and the EU thus bringing the country a step closer to a possible accession to the EU. The Stabilization and Association Agreement provided for a free trade area in goods and services for a six-year period between Croatia and the Union, as well as regional co-operation and political dialogue. By signing this agreement Croatia committed itself to bring its laws in line with EU legislation and standards. From then on, Croatia and the EU enjoyed a formal, contractual relationship for the first time in history.