Moldova interested in developing trade with Great Britain

Chisinau, 20 June /MOLDPRES/- The current stage of Moldovan-British economic relations, the mutual interest in avoiding trade barriers after Brexit and the opportunity to sign a new Economic Cooperation Agreement between two states, as well as the investment opportunities offered by Moldova for the British business were discussed by Foreign and European Integration Minister Tudor Ulianovschi with Minister for International Trade of the United Kingdom of Great Britain and Northern Ireland Gregory Hands.

According to the MAEIE’s press service, Ulianovschi said that the development and deepening of trade relations with the United Kingdom is very important for Moldova in the context that number of national or mixed companies that have commercial and economic activity with British partners has recently increased. He noted that for now we have 234 British-owned enterprises, and bilateral trade over the last 3 years has been stable at about 180-190 million dollars, with a positive balance in favor of Moldova. According to statistics, textiles, seeds and other products are among the top exports, and chemicals, industrial goods, cosmetics, etc. are imported.

“Under these circumstances, we believe that governments will take the necessary steps to ensure the proper legal framework to avoid the negative impact on economic agents after Brexit and to boost bilateral trade," he said. He noted that Chisinau authorities want a new agreement with the UK that could eventually extend the trade regime of the current deep and comprehensive free trade agreement with the EU.

Ulianovschi encouraged the British companies’ participation in privatization contests for state-owned public property subject to privatization, opening business in free economic zones, industrial parks and IT, which is most efficient in Moldova.

The British side’s interest in developing trade relations with Moldova and protecting them after Brexit through a bilateral legal framework were also announced by Minister Gregory Hands. The official pointed out that last time, the number of UK-oriented companies in the region, including Moldova, is on the rise, and the British authorities intend to discuss bilateral agreements with each partner to establish clear rules for all parties involved.

According to Gregory Hands, an impetus for the development of business relations would be to organize business missions and participate in bilateral business forums in both countries, aiming at studying the local market, potentially developing trade relations, attracting potential investors and promoting exports.

Ulianovschi pays a working visit to the United Kingdom of Great Britain and Northern Ireland on 17-20 June 2018.