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    Tudor Ulianovschi: “The Republic of Moldova is interested in developing trade with the United Kingdom”

    Tudor Ulianovschi: “The Republic of Moldova is interested in developing trade with the United Kingdom”

    The current state 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 the two states, as well as the investment opportunities offered by the Republic of Moldova for the British business were some of the topics discussed by Mr Tudor Ulianovschi, Minister of Foreign Affairs and European Integration and Mr Gregory Hands, UK Minister of State for International Trade.

    Also, Minister Tudor Ulianovschi mentioned that the development and deepening of trade relations with the United Kingdom are very important for the Republic of Moldova in view of the fact that the number of national or mixed companies conducting commercial and economic activity with British partners has increased recently. In this context, the head of Moldovan diplomacy emphasized that currently there are 234 enterprises with British capital and the bilateral trade has been stable in the last 3 years at the level of about 180-190 million USD, with a positive balance in favour of the Republic of Moldova. According to statistics, textiles, seeds and other products are in the top of exports, while chemicals, industrial products, cosmetics, etc. are mainly imported.

    “Under these circumstances, we believe that the governments will take the necessary measures to ensure the proper legal framework to avoid the negative impact on economic agents after Brexit, as well as to boost bilateral trade”, said Minister Tudor Ulianovschi, stating that the Moldovan authorities want a new agreement with the United Kingdom that could eventually extend the trade regime of the current deep and comprehensive free trade agreement with the EU.

    Minister Tudor Ulianovschi encouraged the participation of British companies in privatisation contests of state-owned public property subject to privatisation, setting up of businesses in free economic zones, industrial parks and IT, which is developing most efficiently in the Republic of Moldova.

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

    In the opinion of Minister Gregory Hands, an impetus for the development of business relations would be the organisation of business missions and participation of the business environment of both countries in bilateral business forums, aiming to study the local market, potentially develop trade relations, attract potential investors and promote export.