{"id":390530,"date":"2014-06-12T15:46:18","date_gmt":"2014-06-12T12:46:18","guid":{"rendered":"http:\/\/www.moldova.org\/?p=390530"},"modified":"2014-06-12T15:46:18","modified_gmt":"2014-06-12T12:46:18","slug":"barroso-moldovan-exports-to-increase-by-16-gdp-by-5-4-after-enactment-of-eu-deal","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/barroso-moldovan-exports-to-increase-by-16-gdp-by-5-4-after-enactment-of-eu-deal\/","title":{"rendered":"Barroso: Moldovan exports to increase by 16%, GDP by 5.4% after enactment of EU deal"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Transformation and modernization of Moldova can only come from inside, not the other way around, said the Head of the European Commission, Jose Manuel Barroso on Thursday in Chisinau.<\/p>\n

Delivering a speech at the Moldova Investment Conference, Mr. Barroso said that ownership of the process matters, pointing out that the EU is ready to continue its support for Moldova, but will not deliver ready-made solutions.<\/p>\n

\u201cThe EU offers tools and expertise. We do not export ready-made solutions – we offer a helping hand,\u201d the President of the EU Commission said.<\/p>\n

Moldova is expected to sign the Association Agreement with the EU on June 27. The accord will eliminate import and export duties for both sides. Moreover, the country will have full access to the European market, businesses being able to trade directly in the EU.<\/p>\n

Studies show that Moldovan exports are likely to increase by 16% and the GDP by 5.4% in medium term following the enactment of the Association Agreement.<\/p>\n

\u201cTo bring lasting development, to create real jobs, trade needs to grow on the foundations of a rules-based economy and value-based institutions,\u201d Mr. Barroso said.<\/p>\n

\u201cCorruption needs to be countered vigorously. The legal system has to be independent. Governance has to be effective and accountable. Business has to respect governance and transparency rules, under the supervision of powerful regulators independent from political influence. The transformative power of integration needs to be unleashed fully, and embedded into this agreement.\u201d<\/p>\n

The official added that a better functioning judiciary is necessary for a higher investor confidence. Transparency in all realms, especially in the banking sector \u201cis also crucial.\u201d According to the head of the EU Commission, the National Bank of Moldova should have an enhanced regulatory capacity over the financial sector of the country.<\/p>\n

\u201cCompetition needs to be incentivized and nurtured, monopolies need to be broken down, and the right regulation needs to be put in place,\u201d Mr. Barroso stressed.<\/p>\n

He said that these reforms are not intended to please the EU but \u201cto benefit the country and its people.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Transformation and modernization of Moldova can only come from inside, not the other way around, said the Head of the European Commission, Jose Manuel Barroso on Thursday in Chisinau. Delivering a speech at the Moldova Investment Conference, Mr. Barroso said that ownership of the process matters, pointing out that the EU is ready to continue […]<\/p>\n","protected":false},"author":1,"featured_media":390531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-390530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Transformation and modernization of Moldova can only come from inside, not the other way around, said the Head of the European Commission, Jose Manuel Barroso on Thursday in Chisinau.<\/p>\n

Delivering a speech at the Moldova Investment Conference, Mr. Barroso said that ownership of the process matters, pointing out that the EU is ready to continue its support for Moldova, but will not deliver ready-made solutions.<\/p>\n

\u201cThe EU offers tools and expertise. We do not export ready-made solutions – we offer a helping hand,\u201d the President of the EU Commission said.<\/p>\n

Moldova is expected to sign the Association Agreement with the EU on June 27. The accord will eliminate import and export duties for both sides. Moreover, the country will have full access to the European market, businesses being able to trade directly in the EU.<\/p>\n

Studies show that Moldovan exports are likely to increase by 16% and the GDP by 5.4% in medium term following the enactment of the Association Agreement.<\/p>\n

\u201cTo bring lasting development, to create real jobs, trade needs to grow on the foundations of a rules-based economy and value-based institutions,\u201d Mr. Barroso said.<\/p>\n

\u201cCorruption needs to be countered vigorously. The legal system has to be independent. Governance has to be effective and accountable. Business has to respect governance and transparency rules, under the supervision of powerful regulators independent from political influence. The transformative power of integration needs to be unleashed fully, and embedded into this agreement.\u201d<\/p>\n

The official added that a better functioning judiciary is necessary for a higher investor confidence. Transparency in all realms, especially in the banking sector \u201cis also crucial.\u201d According to the head of the EU Commission, the National Bank of Moldova should have an enhanced regulatory capacity over the financial sector of the country.<\/p>\n

\u201cCompetition needs to be incentivized and nurtured, monopolies need to be broken down, and the right regulation needs to be put in place,\u201d Mr. Barroso stressed.<\/p>\n

He said that these reforms are not intended to please the EU but \u201cto benefit the country and its people.\u201d<\/p>\n

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