The negotiations on the Deep and Compressive Free Trade Agreement between Moldova and the EU were officially closed on June 12. The two sides began the procedures required for initialing the accord. Most probably, this will happen at the Eastern Partnership Summit of Vilnius this autumn, IPN reports.

Moldova’s chief negotiator, Deputy Minister of Economy Octavian Calmac told a news conference that the talks consisted of seven rounds, which lasted for slightly over a year, and were the shortest negotiations held by the EU with an Eastern Partnership member state.

According to the deputy minister, the agreement is projected to be implemented from next year. It will cover the whole territory of Moldova. No special provisions were formulated for the Transnistrian region, while the talks were attended by a representative of Tiraspol.

EU chief negotiator Luc Devigne said the Europeans see a great potential for cooperation with Moldova. During the negotiations they discussed not only tariff aspects, but also food safety and energy security.

The European official is convinced that the signing of the agreement will have not only direct effects on Moldova, but also indirect positive effects such as the improvement of the economic framework and attraction of foreign investments. The Deep and Compressive Free Trade Agreement is an integral part of the Association Agreement, which represents the closest form of cooperation of the third countries with the EU.

According to an EU study, the Deep and Compressive Free Trade Agreement will contribute to a 16% increase in Moldova’s exports to the European countries and to a 5.6% growth in the GDP.