The Agreement strengthens the trading relationship between the UK and Moldova, worth £395m in 2019, by securing continued preferential access and paving the way for increased trade in future.
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The trading relationship grew by 77% between 2015 and 2019.
The preferential terms secured by this Agreement will enable British businesses to trade as they do today after the UK’s Transition Period with the European Union and provide certainty to consumers in both countries.
Top UK imports from Moldova in 2019 include items like clothes, beverages and fruit and vegetables.
The Agreement also sets out the UK and Moldova’s ambitions for our future relationship including the strengthening of our political, economic, security and cultural ties. As part of the Agreement, the UK recognises and supports Moldova’s commitment to an ambitious programme of reforms and its political, economic and legal accomplishments.
The Agreement will promote innovative partnerships between the UK and Moldova, following the example of British company Terravesta and Aberystwyth University who are working with a Moldovan partner to develop a biomass solution for heating homes in Chisinau.
UK companies already established in Moldova include Jaguar Land Rover and GlaxoSmithKline.
The British Embassy has supported a number of projects to promote development of the Moldovan private sector, one of which has led to British company Barbour manufacturing luxury products in Moldova. The Agreement is signed at a time when both governments are expanding their trade presence in each other’s countries.
The United Kingdom-Republic of Moldova Strategic Partnership, Trade and Cooperation Agreement replicates the effects of the existing EU-Moldova Association Agreement (AA) and Deep and Comprehensive Free Trade Agreement (DCFTA) provisions as far as possible.
This Agreement is designed to take effect when the EU-Moldova AA and DCFTA cease to apply to the United Kingdom, following the end of the Transition Period on 31 December.
The agreement will be subject to the domestic parliamentary procedures in both the United Kingdom and Moldova before it is brought into force.
In under two years, the UK government has secured trade agreements with 61 countries. Total UK trade with these countries was worth £199 billion in 2019.
This accounts for 97% of the value of trade with non-EU countries that we set out to secure agreements with at the start of the trade continuity programme.
Since the Transition Period began, the UK expanded the ambition of their programme above and beyond this original scope, securing agreements with Japan, Vietnam and Singapore, which together accounted for £53bn of UK trade in 2019. ■