European Union External Action

Moldova: continued EU commitment drives trade growth

04/05/2018 - 14:56
News

The EU is strongly committed to the stability and prosperity of Moldova. Thanks to a trade agreement in the framework of the EU's Eastern Partnership programme, trade between the EU and Moldova increased a further 18% in 2017, accounting for 55% of Moldova's total trade. Meeting on 3 May, EU High Representative Mogherini and Moldovan PM Filip discussed further steps needed in order to translate increased trade volumes into tangible benefits for citizens.

EU High Representative Federica Mogherini welcomed Prime Minister Pavel Filip to Brussels on the occasion of the fourth Association Council meeting between the EU and the Republic of Moldova on 3 May. Discussions focused on reform efforts in Moldova and, while acknowledging the reform steps already taken, they underlined the importance of sustained and full implementation.

In the joint statement issued on the occasion, both parties underlined and welcomed the significant increase in trade volumes, in particular of Moldovan exports to the EU market. Future cooperation will focus on effective and timely implementation of the Deep and Comprehensive Free Trade Area (DCFTA), including by strengthening the operational capacity and independence of relevant institutions. The EU and Moldova agreed on the scope for progress in a number of sectors, including sanitary and phytosanitary measures, the need to improve market conditions in the fields of energy and public procurement, as well as streamlining access to finance for SMEs.

All these steps are necessary in order to ensure the direct beneficiaries of intensified trade are ultimately the citizens of Moldova. Data for the first half of 2018 confirms the positive trend of growth in Moldovan exports to the EU, in particular for a number of products such as sunflower seeds, grapes, cereals, essential oils, footwear, carpets, glassware or machinery.

In 2017, total bilateral trade between the EU and Moldova increased by 18% to €4 billion. The European Union's imports from Moldova reached €1.6 billion in value, 23% more compared to 2016. The EU is Moldova's leading trading partner and the first investor in the country, accounting for over 55% of total trade.

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