October 28 (SeeNews) - An agreement to improve trade between Moldova and the European Union enters into force on November 1, the European Commission (EC) said on Friday.
The new arrangements mean that the EU and Moldova will recognise each other's authorised economic operators programmes, bringing together traders who meet certain criteria and who can therefore benefit from simplified customs arrangements, the EC said in a press release.
The EU and Moldova will provide reciprocal benefits to each other's authorised economic operators, such as fewer customs controls and priority treatment at customs clearance.
"The agreement is a major step forward in the EU-Moldova trade relationship. It will further boost trade opportunities and contribute to the smooth flow of goods between both sides, without compromising high security standards. At a time when businesses need all the support they can get to overcome the ongoing crisis due to the war in Ukraine, the agreement will make trade easier and less expensive for many EU and Moldovan traders," the EC said.
The EU is Moldova's biggest trade partner, accounting for 52.2% of its total trade. EU exports to Moldova amounted to 3.8 billion euro in 2021, the EC also said.
In June, the European Council decided to grant EU candidate status to Moldova and Ukraine.
Ukraine, Moldova and Georgia applied for EU membership in the wake of the Russian attack against Ukraine.