Moldova Boosts Trade with UK Deal
A protocol amending the Agreement on Strategic Partnership, Trade and Cooperation between Moldova and the United Kingdom was signed today.
This agreement extends tariff-free access for Moldovan agricultural products to the British market for an additional five years.
The agreement eliminates tariffs on imports of Moldovan table grapes, fresh apples, cherries, plums, grape juice, tomatoes, and garlic. Additionally, it removes provisions capping entry prices for other agricultural products like cucumbers, pumpkins, pears, apricots, and peaches.
According to a press release from the Ministry of Economic Development and Digitalization, the protocol will bolster economic cooperation between the two countries. It also creates new opportunities for Moldova to develop and reorient its foreign trade, particularly relevant in the context of the current regional crisis.
Moldovan Deputy Prime Minister and Minister of Economic Development and Digitalization, Dumitru Alaiba, stated, "Moldovan products will continue to be imported duty-free into the UK market for another five years. This presents a significant opportunity for our farmers, granting them access to a market of over 66 million consumers. I urge our entrepreneurs to seize this chance. We will support you with reforms and funding. Your success is our priority."
The initiative to liberalise imports of Moldovan products originated from the United Kingdom.
British Ambassador to Moldova, Her Excellency Fern Horine, commented, "The UK remains a steadfast friend and reliable trading partner of Moldova in these challenging times of Russian aggression. Tariff liberalisation is just one aspect of a comprehensive package of measures we have agreed upon in recent months. Beyond this agreement, the UK is providing £30 million in support to help Moldova assist Ukrainian refugees, bolster its cyber defences, counter pro-Russian disinformation, reform its military, develop a stronger economy, and combat corruption. The UK's commitment to Moldova will endure for as long as it is needed."
The previous trade liberalisation measure, implemented on July 31, 2023, is set to expire on July 31, 2024. The newly signed protocol extends this duty-free access for an additional five years.
Statistics from 2023 show that the United Kingdom ranked 19th among Moldova's global trading partners. The total value of Moldovan-British foreign trade in 2023 reached $115.7 million.
The Ministry of Economic Development and Digitalization also reports that 235 companies with British capital currently operate in Moldova. The UK ranks eighth among the country's largest investors based on the value of share capital investments.
Translation by Iurie Tataru
