The EU accounts for about 2/3 of Moldovan exports and over 70% of the total volume of foreign direct investment in the country.
The Ambassador of the European Union to Moldova Peter Michalko said this at the e-TRADECON conference dedicated to the promotion of international trade. He noted that the Association Agreement, including the Deep and Comprehensive Free Trade Area (DCFTA), remains a stable basis for the partnership between Moldova and the EU. “We are glad that DCFTA is bearing fruit for Moldova and is an important tool for overcoming the negative impact of the pandemic crisis. In 2020, the EU retained and strengthened its position as Moldova's largest trading partner, accounting for 2/3 of Moldovan exports. Since the entry into the Association Agreement, the volume of foreign direct investment from the EU has doubled, and today the EU accounts for more than 70% of all foreign direct investment attracted to Moldova. These indicators can be higher, provided that predictability for business, the rule of law, the existence of an independent justice system, etc. is ensured, ”the EU ambassador said. He noted the efforts of the Customs Service, which began modernization last year, despite the difficult situation caused by the pandemic. With the support of the EU, a new Customs Code of Moldova was developed and is to be adopted by the country's parliament. The new Customs Code will enable the introduction of modern trade facilitation tools in accordance with the highest international standards that will promote trade and improve relations between the Customs and the business community. Michalko said there has been progress in simplifying instruments to facilitate international trade, but much work remains to be done. “It is necessary to continue the automation of customs procedures. The customs service will have to go through the procedure for recognizing the status of an authorized economic operator, including electronic data exchange; ensure the introduction of a new transit system. And the main priority for the Customs Service remains the modernization of the IT infrastructure, and the EU will continue to provide the agency with support in this area, ” Michalko said. At the same time, the ambassador noted that legislative changes are needed that will strengthen the country's potential in combating smuggling, and stressed the importance of Moldova's commitment to implement the measures provided for by the WHO protocol on the elimination of illicit trade in tobacco products. // 25.03.2021 — InfoMarket.
