Exports to the European Union will continue to grow with the support of the Deep an Comprehensive Free Trade Agreement ((DCFTA), fostering Moldova’s economic development, said Ricardo Giucci, leader of the German Economic Team Moldova, who carried out a study of the impact of the Free Trade Agreement on trade in the Republic of Moldova, including the role of foreign direct investment in the Moldovan economy. The authorities are thus urged to continue implementing the DCFTA with the EU, IPN reports.

According to the Parliament’s press service, the study presented by the German experts points to a clear reorientation of Moldova’s exports to the EU. Thus, in 2015, which was the first year of implementation of the Free Trade Agreement with the EU, exports to the EU decreased by about 2%, while in 2016 they recovered fully, growing by over 9%. Official statistics show that in 2016 exports to the EU represented about 2/3 of the total, with goods prevailing. But the services also played an important role. The vegetables, processed food products, textiles, machines and equipment constitute over 70% of the exports of goods. The exports of services are dominated by three sectors: transport, tourism and communications.

In this connection, the German experts noted that the implementation of the Free Trade Agreement is a continuous process of adjustment to the EU norms that can last for up to ten years. During this long-term process, additional factors can appear and can contribute to larger exports to the EU. These include lower costs for Moldovan companies, broader access to the EU market, especially for food products, and attraction of real investments to the Republic of Moldova.