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Cabinet officials

EU-UK Free Trade Agreement and Romania's Economic Relations after COVID-19

Strategic Insights

— 1 min read

The Romanian Minister of Economy, Energy and Business Environment, Virgil Popescu, discussed the future free trade agreement between the European Union and the United Kingdom with the Ambassador of the United Kingdom, Andrew Noble, focusing on the economic relaunch after the COVID-19 pandemic. The high officials also addressed the development of economic and trade relations between Romania and the UK, as well as issues related to Romanian citizens working in the UK and students studying in the United Kingdom. Romania remains interested in increasing British investments, with the UK ranking 12th among Romania's global trade partners.

Key Takeaways:

  • The future free trade agreement between the European Union and the United Kingdom is a key topic of discussion between Romania and the UK, with Romania seeking to strengthen economic ties.
  • Romania's Minister of Economy, Energy and Business Environment, Virgil Popescu, emphasized the country's interest in increasing British investments, with a total value of 1.03 billion euros invested in 5989 commercial units.
  • The trade exchange between Romania and the UK dropped by 8.55% in 2019, with imports from the UK decreasing 5.25% and Romanian exports to the UK decreasing by 10.49%.
  • The UK is the 12th partner of Romania at the global level in terms of trade, ranking 8th among the markets for Romanian exports and 16th for imports.
  • The Ambassador of the United Kingdom, Andrew Noble, discussed the issues related to Romanian citizens working in the UK and students studying in the United Kingdom, in the context of Brexit.
  • The meeting between the minister and the ambassador aimed to relaunch economic ties and strengthen the economic and trade relations between Romania and the UK.

Statistics:

  • The total value of British investments in Romania is 1.03 billion euros.
  • The UK ranks as the 12th investor in Romania, accounting for 2.28% of the total foreign investments.
  • Trade exchanges between Romania and the UK dropped by 8.55% in 2019.
  • Imports from the UK decreased by 5.25%, and Romanian exports to the UK decreased by 10.49% in 2019.
  • The UK ranks 8th among the markets for Romanian exports and 16th for imports.

Sources:

  • Agerpres, Bucharest, Romania, (c)2020.
  • Tribune Content Agency, LLC.

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