REFLECTIONS ON ROMANIA'S TRADE WITH CANADA–AS MEMBER OF NAFTA

Paul Bogdan Zamfir
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Paul Bogdan Zamfir: CONSTANTIN BRANCUSI UNIVERSITY OF TARGU-JIU, ROMANIA

Annals - Economy Series, 2018, vol. SPECIAL, 90-97

Abstract: This paper argues that The Comprehensive Economic and Trade Agreement Canada-EU(CETA) is the element of maximum visibility for the current legal framework ofbilateral trade relationsbetween Romania and Canada. Among other things, the agreement seeks to bring about a better harmonization of trade regulations and rules a greater mobility of people, better access to the public procurement market and higher protection of intellectual property and foreign direct investment. This feature will be particularly valuable insofar as it reflects a new reality ininternational trade. More than ever, Canadian and European enterprises are developing economic collaborations in producing goods and services within the global supply chains. Also, there is an increasing demand for the business community to create an environment where companies can connect faster and more effective with their foreign partners. Overall, CETA allows faster and less costly to the Canadian and EU markets for exporting companies, by introducing of specific measures reducing technical barriers on trade and enhancing the cooperation in the field of regulatory. This aspect is reflected by cost savings and gains of efficiency for both parties of the CETA. On this background, it can be noticed that CETA brings new opportunities for enterprises established in the territory of each of the two Parties. In addition to these legal issues which are found in the scientific content of the paperit is evidenced from an economic perspective the overall evolution of Romania's trade relations with NAFTAand especially with Canada as a member state of this organizationin the last ten years. Also in this context, it is suggestedthe idea thatthe intensification ofthe bilateral trade between Romania and Canada, can contribute substantially to the creation of mutual welfare thanks to liberalizingthe exports and imports of industrial goods with high added value.

Keywords: The Comprehensive Economic and Trade Agreement Canada -EU (CETA); North American Free Trade Agreement (NAFTA); bilateral trade; trade in goods; romanian exporters (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2018:v:special:p:90-97

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