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EU Supports Moldova To Secure FTA Benefits

by Ulrika Lomas,, Brussels

05 August 2014

The European Commission has announced a new annual support package for Moldova to help it seize the benefits and opportunities provided by its free trade deal with the European Union (EU).

In June, the EU and Moldova signed an Association Agreement that provides for a Deep and Comprehensive Free Trade Area. As part of the deal, the EU is removing import duties worth EUR43m (USD57.7m) on basic agricultural products and EUR3m on processed agricultural products.

The fresh EU funding is designed to support the modernization of the public institutions charged with implementing the agreement. It will contribute to Moldova's further political association and economic integration with the EU, under the Eastern Partnership initiative.

The EUR101m support package is granted through the European Neighbourhood Instrument for two actions.

The money will assist the Ministry of Finance, parliament and the Supreme Audit Institution of Moldova in the process of enhancing good governance, effective fiscal policy, transparent and accountable public finance policy and strengthened public financial management systems. It will also encourage rural development through improved policy dialogue, governance and service delivery, and improve the competitiveness of the agricultural sector.

Štefan Füle, Commissioner for Enlargement and European Neighbourhood Policy, stated: "The Association Agreement is a milestone in our Eastern Partnership policy and in our relationship with the Republic of Moldova. It is based on shared fundamental values and will open new possibilities for closer political relations and stronger economic ties. Moldova has our full support in this significant and historical process."

TAGS: Finance | tax | European Commission | free trade agreement (FTA) | fiscal policy | tariffs | trade treaty | ministry of finance | tax rates | Moldova | import duty | tax reform | trade | European Union (EU) | Europe

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