Moldova marks 20th anniversary of joining World Trade Organization
21:06 | 26.07.2021 Category: Official
Chisinau, 26 July /MOLDPRES/ - The Foreign Affairs and European Integration Ministry (MAEIE) welcomes the 20th anniversary of Moldova’s accession to the World Trade Organization (WTO). On 26 July 2001, after seven years of negotiations, Moldova became a full-fledged member of the World Trade Organization, the MAEIE public diplomacy, strategic communication and media interaction service has reported.
The event represented a major achievement for Moldova on the external stage, which is meant to confirm not only the sovereign character of the country, but also the capacity to carry out reforms and take international commitments.
During those 20 years, the impact of the joining the World Trade Organization was extremely important both from the economic viewpoint and from the social one. From the very beginning, Moldova initiated an ambitious programme of reforms which regarded the transformation of a planned economy into a fully functional market economy and strengthening of the macro-economic stability. This was and, in some cases, it is still a challenge for most countries of our region, with similar types of developing economics – in transition.
The accession to WTO, besides the European integration, represented a catalyst of the economic transformations and reforms in the country. Moldova fulfilled, to a great extent, the basic goals established, creating an economy oriented to external sphere, integrated at the world level. A high level of trade’s liberalization was achieved, including through extended commitments assumed in the commerce with goods (with compulsory taxes of 0-15 per cent) and services (with 147 liberalized sectors out of 155 ones).
The conclusions of the WTO’s experts find out that the commerce with goods increased considerably due to low taxes, minimal commercial barriers and predicable regulations. The structure of the commerce was also improved due to the policies of diversification of exports both as regards the partners and the products. The commerce with services, in particular through the IT sector, increased significantly and is developing in dynamic pace, exceeding including the index of growth of the trade with goods.
The accession to the international commercial system within WTO contributed also to the country’s social development. Decision-makers ensured a proper protection of the local producers, promoted the cutting of production costs, which provided a wide range of goods and eventually facilitated the generation of incomes and improvement of the residents’ well-being.
Thus, Moldova gained a rich experience within the organization, where it was not only beneficiary, but also active participant in the processes and undertook actions of consolidating the commitment to liberalizing the international commerce, in accordance with the agreements of the World Trade Organization.
A priority of the economic diplomacy’s agenda remains the support by Moldova within WTO of joint initiatives on the electronic commerce, facilitating investments for development, informal group concerning the small- and medium-sized enterprises (SMEs), internal regulation of the commerce with services, sustainability of trade and environment, as well as the discussions on the involvement of women in commercial policies.
On the occasion of the 20th anniversary, Moldova reconfirms the commitment to the World Trade Organization, continuing to remain a firm backer of the multilateral commercial system created under the organization’s auspices.