Romania WT/TPR/S/155/Rev.1 
 Page 11 
 
 
II. TRADE AND INVESTMENT REGIMES 
(1) GENERAL FRAMEWORK  
1. Romania's overall institutional framework for tr ade policy formulation is broadly unchanged 
since its previous TPR in 1999.1  In general, policies are formulated and implemented by means of 
laws.  Draft laws are submitted to the bicameral Parliament (composed of the Chamber of Deputies 
and the Senate) for approval. The relevant Commi ttee of each chamber ex amines the initiative and 
issues its report on adoption with or without modificati on, or on rejection.  The initiative is then taken 
up in a plenary session of each chamber.2 The President receives laws adopted by Parliament (the 
Constitution does not provide for presidential legisla tive initiative) for the purpose of promulgation by 
decree. However, the President may return a law to  Parliament for reconsideration, but only once.3 
Laws enter into force upon publication in the Official Gazette .  Actions with respect to policy 
proposals can also be taken by means of ordinances and decisions, signed by the Prime Minister (Head of Government), and countersigned by the Mi nisters who execute them, upon publication in the 
Official Gazette .
4 
2. The Ministry of Economy and Commerce (MEC), formerly the Ministry of Industry and 
Commerce, continues to formulate, administer, and coordinate Romania's foreign trade policies.  The 
MEC is also responsible for policies regarding in dustry, energy, and mineral resources.  Depending on 
the nature of the issue, the MEC consults with rele vant ministries and other institutions that also take 
part directly or indirectly in foreign trade policy formulation and/or implementation. These include: the Ministry of Foreign Affairs; the Ministry of Public Finance, including the National Customs 
Authority; the Ministry of Agriculture, Forests, and Rural Development; the Ministry of Transport, 
Construction, and Tourism; the Ministry of Health ; the Ministry of Communications and Information 
Technology; the Ministry of European Integra tion; the Competition Council; the National Bank of 
Romania; the Export-Import Bank of Romania; the National Office of the Register of Commerce; the National Agency for Mineral Resources; the Stat e Office for Inventions and Trademarks; the 
Romanian Office for Copyrights; the Romanian St andards Association; th e Romanian Accreditation 
Association; and the Authority for State Assets Recovery. 
3. The private sector and NGOs provide inputs to trade policy formulation by communicating 
their views either directly to the MEC or throug h chambers of industry and commerce at the national 
and regional level, the Export Council, or associat ions of producers in the different branches of 
activity.  These associations participate, for exam ple, in the negotiations on free-trade agreements by 
presenting their interests or concerns regarding th e negotiating partner. The views of the private 
sector, including NGOs, are usually taken into consideration throughout the process, on an ad hoc  
basis. 
4. At the base of Romania's judiciary are the c ourts of first instance established in each of 
Romania's 41 counties and Bucharest; the courts normally have jurisdiction over disputes in the 
                                                     
 
1 Romania's institutional framework is described in detail in WTO (2000). 
2 Passage of an organic law requires a majority of the members of each chamber, and passage of an 
ordinary law requires a simple majority of the members present in each chamber. The Senate and Chamber of Deputies have equal status under the Constitution of Roma nia; each must vote its approval for the adoption of a 
law. 
3 The President must promulgate the law within ten days of reception of  a reconsidered law. 
4 Government ordinances (including emergency ordinances), and Government decisions require 
parliamentary approval for continuing effect;  during the approval process, the Government's action may be 
accepted (with or without modification)  or rejected.  According to the Constitution, a decision or ordinance 
(except one pertaining to national security) that is not published cannot be enforced. WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 12 
 
 
territory of the county or Bucharest.  Appeals of the decisions of these courts are heard by the relevant 
County Court and the Court of the Municipality of Bu charest;  appeals of their decisions are heard by 
the courts of appeal of the Supreme Court of Justi ce.  Judges and public prosecutors are nominated by 
the Superior Council of the Magistracy to the Preside nt for six-year terms.  The Council also decides 
the promotion, transfer, and sanctioning of judges.   Three county courts for trade were created under 
Law No. 304/20045, although every court (tribunal) in Romania has a specialized subdivision on trade 
matters. 
(2) LAWS AND REGULATIONS  
5. The hierarchy of legal instruments in Romania is: the Constitution (currently, the 
1991 Constitution as amended up to  2004), laws, government ordina nces and decisions, and other 
administrative acts such as orders, instructions, norms or decrees.6 Laws fall into three categories: 
those that amend the Constitution are "constitutional" , those that concern the organization of the 
political system are "organic", and all other laws are "ordinary". International agreements, including 
the WTO Agreements, duly put into effect, carry th e force of law in Romania, and take precedence 
over all domestic legal instruments. 
6. The WTO Agreements and Romania's trade relations with the European Communities (EC) 
are the main factors influencing the Romanian trading system. Since its last TPR, Romania has 
continued to align its trade regime  progressively on that of the EC, and domestic legislation has been 
amended to reflect both its EC and WTO commitment s. This should provide more secure conditions 
to its trading partners. 
7. The main legislation relating to internationa l trade in Romania includes the Customs Law 
(No. 141/1997), Government Decision on the Ge neral Export and Import Regime (No. 1526/2003), 
and Government Decision on the Rules and Pr ocedures Regarding Export and Import Licences 
(No. 1527/2003) (Table II.1).  They provide for the basic principles and rules on exports and imports (Chapter III(2)(v) and (3)(iii)). Investment, both local  and foreign, is regulated by various laws and 
regulations, such as the Commercial Register Law (No. 26/1990, as amended), the Commercial 
Company Law (No. 31/1990, as amended), the Free Trade Zones Law (No. 84/1992), the Government 
Ordinance on Stimulation of Direct Investments (No. 92/1997, as amended), Law on Promotion of 
Direct Investments with Significant Impact on the Economy (No. 332/2001), Law on Establishment 
and Operation of the Industrial Parks (No.  490/2002), and State Aid Law (No. 143/1999, as amended) 
(section (5) below).
7 
8. Since its last TPR, Romania has enacted, inter alia , the following trade-related legislation:  
Law on Specific Measures for the Enforcement of Intellectual Property Rights in Customs Clearance 
Operation (No. 202/2000); Gove rnment Procurement Law (No.  60/2001); Government Ordinance on 
Local Taxes (No. 26/2002); Corporate Income Ta x Law (No. 414/2002); Government Decision on the 
General Export and Import Regime (No. 1526/ 2003); Government Decision on the Rules and 
Procedures Regarding Export and Import Li cences (No. 1527/2003); and the Fiscal Code 
(Law No. 571/2003, as amended). 
                                                      
5 The trade courts are in the coun ties of Arges, Mures, and Cluj. 
6 Ministers may issue orders, instructions, norms or decrees to implement the programme for their 
ministry's domain of activity; such legal instruments may be issued jointly by several ministers where 
ministerial responsibilities overlap. 
7 Foreign Investment Law No. 35/1991 is no longer in force. Romania WT/TPR/S/155/Rev.1 
 Page 13 
 
 
Table II.1 
Main trade-related legislation in Romania, 2005 
Area Legislation 
Foreign trade Government Decision No. 1526/2003 
Government Decision No.1527/2003 Marrakesh Agreement Law (No. 133/1994) 
Customs Law No. 8/1994 
Customs Law (No. 141/1997) 
Taxation Government Ordinan ce on Local Taxes (No. 26/2002) 
Corporate Income Tax Law (No. 414/2002) Fiscal Code (Law No. 571/2003) 
Contingency trade remedies Decree No. 228/1992 
Order No. 127/1992 Joint Order No. 128/1992 
Government procurement Em ergency Ordinance No. 60/2001 
Law No. 212/2002 Government Ordinance No. 75/2004 
State aid State Aid Law (No. 143/1999), as amended; republished in August 2005 
Government Ordinance No. 94/2004 regarding the regulation of certain financial measures 
approved by Law No. 507/2004 
Investment incentives Law on Promotion of Direct Investments with Significant Impact on the Economy 
(No. 332/2001), as amended Stimulation of Private SMEs Law (No. 346/2004) Government Ordinance on Stimulation of Dir ect Investments (No. 92/1997), as amended 
Government Emergency Ordinance for the Di sadvantaged Zones (No. 24/1998), as amended 
Regime of the Disadvantaged Areas Law (No. 24/1999) 
Free zones Free Trade Zones Law (No. 84/1992), as amended 
Industrial parks Establishment and Operation of the Industrial Parks Government Ordinance (No. 65//2001) 
Standards, testing, and regulations  Government Ordinance No. 38/1998 
Government Ordinance No. 39/1998 
Law No. 245/2002 
Privatization Law No. 58/1991 
Law No. 137/2002 
Emergency Ordinance No. 23/2004 
Emergency Ordinance No. 26/2005 
Competition Competition Law (No. 21/1996), as  amended; republished in August 2005 
Intellectual property rights Copyrights and Neighbouring Rights Law (No. 8/1996) , as modified and completed by 
Law No. 285/2004 Patents Law (No. 64/1991), as modifi ed and completed by Law No. 203/2002 
Provisional Patent Protec tion Law (No. 93/1998) 
Government Ordinance on Fees for Patent Applications and Patents (No. 41/1998) 
Trademarks and Geographical Indications Law (No. 84/1998) 
Industrial Designs Law (No. 129/1992) 
Protection of Topographies for Inte grated Circuits Law (No. 16/1995) 
Protection of New Plant Varieties Law (No. 255/1998) 
Law on Specific Measures for the Enforcement of IPRs in Customs Clearance Operations 
(No. 202/2000) Audio-Visual Law (No. 504/2002) Law No. 581/2004 on Supplementary Protection Cer tificate for Medicines and Plant Varieties 
Products  
Company establishment Commercial Register Law (No. 26/1990) 
Commercial Company Law (No. 31/1990) 
Agriculture and related activities Support by  the State to Farmers Law (No. 83/1993) 
Fisheries Law (No. 192/2001) Privatization of Agricultural Companies Law (No. 268/2001) 
Mining Mining Law (No. 85/2003),  as amended by Law (No. 237/2004) 
Petroleum and gas Petroleum Law (No. 238/2004) 
Gas Law (No. 351/2004) 
Energy Electricity Law (No. 318/2003) 
Manufacturing Supplementary Incentives to Industry Law (No. 71/1994) 
Telecommunications Interconnection Ordinance No. 34/2002 
 Table II.1 (cont'd) WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 14 
 
 
Area Legislation 
Postal services Government Ordinance No. 31/2002 
Financial services Bank Priv atization Law (No. 83/1997) 
Banking Law (No. 58/1998) Law No. 485/2003 
Capital Market Law (No. 297/2004) 
Anti-Money Laundering Law (No. 161/2003) 
Transport Air Transport Decision (No. 405/1993) 
Tourism Government Ordinance on Privatization of Tourism Companies (No. 52/2001) 
Source:  Information provided by the Romanian authorities.  
9. Trade-related issues are also regulated through sector-specific laws and regulations, including 
Privatization of Agricultural Compan ies Law (No. 268/2001); Mining Law (No.  85/2003, as amended 
by Law No. 237/2004); Petroleum Law (No. 238/2004); Electricity Law (No. 318/2003); Gas Law 
(No. 351/2004); Bank Privatization Law (No. 83/1997, as amended); Government Ordinance 
regarding the maritime international trans port (No. 116/1998); Government Ordinance on 
Privatization of Tourism Companies (No. 52/2001, as amended); and the Concessions Law 
(No. 219/1998).8  
(3) POLICY OBJECTIVES  
10. Romania's paramount national goal is to accede to  the EC, its most important trading partner.9  
As a component of economic policy, trade policy is aimed at helping the reconstruction of Romania's 
welfare, the country's modernization (e.g. infrastru cture, institutional capacity building), and regional 
development over 2005-08. Various measures are e nvisaged or implemented with a view to 
eradicating corruption, improving governance, stre ngthening the judiciary, streamlining the taxation 
system, and improving education.10 Romania is implementing economic reforms to, inter alia ,  
promote GDP growth; stimulate entrepreneurship, a nd support private investment (notably in small 
and medium-sized enterprises (SMEs)) and job creation; attract larger FDI inflows (particularly in export-oriented and high value-added sectors) comme nsurate with the country's potential; improve tax 
collection; and reduce the informal sector by lowe ring income and profit taxes (section (5) below). 
11. The reconstruction of welfare in Romania also requires the re-launching of agriculture. With 
the majority of Romania's poor living in rural ar eas, agricultural reforms are essential in order to 
reduce the country's high poverty level. Therefore, during 2005-08, the Government plans to, inter 
alia, finalize the land property reform, foster the transformation of peasant/household farms into 
commercial farms, support the capitalization of the sector, and manage forests in a sustainable manner (Chapter IV(2)(ii)). The Government also aims to encourage the use of the newest information 
technologies, as a way to increase the competitiveness of the economy, and making the public 
administration more efficient.
11 
                                                      
8 Concessions apply to assets, activities, and public services in several fields, such as public 
transportation; highways, bridges, and road tunnels subj ect to taxation; road, railway, port, and civil airport 
infrastructures; postal services; telecommunication tran sport and distribution networks; and exploitation of 
thermal and mineral resources and substances.  
9 Romania was the first country of Central and Eastern Europe to have official relations with the 
European Communities. Romania's diplomatic relations with the EC date from 1990. For further details, see 
European Commission online information. Available a t: http://www.europa.eu.int/comm./enlargement/romania/ 
index.htm. 
10 Investiture speech of Prime Minister Calin Popesc u Tariceanu, on 28 Dece mber 2004 (Government 
of Romania online information.  Available at: www.gov.ro). 
11 Government of Romania online information.  Available at: www.gov.ro. Romania WT/TPR/S/155/Rev.1 
 Page 15 
 
 
(4) TRADE AGREEMENTS  
12. Romania participates in several regional trade arrangements;  its priority is the Europe 
Agreement.  Accordingly, it is progressively aligni ng its preferential regime with that of the EC.  
Romania has a trade agreement with the European Free-Trade Association (EFTA), is a member of 
the Central European Free-Trade Agreement (CEFTA),  has bilateral free-trade agreements (BFTAs) 
with countries in South East Europe (SEE), and participates in the Black Sea Economic Cooperation 
(BSEC).  In addition, Romania has bilateral trade agreements with Israel, Moldova, and Turkey.  
Romania's membership in several arrangements ma kes its trade regime complex and difficult to 
manage.  Given the limited resources available, fu ture trade agreements could further complicate it 
and detract from multilateral efforts. 
(i) WTO 
13. A contracting party to the GATT since 14 November 1971, Romania became an original 
Member of the WTO on 1 January 1995.12 Since its last TPR, Romania has amended or enacted 
legislation on, inter alia , the import and export regimes, standa rds and technical regulations, public 
procurement, competition policy, and intellectual prop erty rights, to comply with its obligations under 
the WTO Agreements, and to align its regime on the EC acquis communautaire .  
14. Romania accords at least MFN treatment to all its trading partners. It is a member of the 
Plurilateral Agreement on Trade in Civil Aircra ft, and acceded to the Information Technology 
Agreement (ITA) in 2000. It is an observer to th e Plurilateral Agreement on Government Procurement 
(GPA), and is expected to become a member of GPA after joining the EC.  Romania’s most recent 
WTO notifications are listed in Table II.2. 
Table II.2 
Selected notifications to the WTO, July 2005 
WTO Agreement Description of 
requirement Periodicity Most recent notification Comment 
Agreement on Agriculture 
Article 18.2 Domestic support  Annual G/AG/N/ROM/20/Corr.1 
15 December 2003 Domestic support 
commitments during 2000-02 
Articles 10 and 18.2 Export subsidies Annual G/AG/N/ROM/19 
21 October 2003 Export subsidies 
commitments during 2000-02 
Articles 5 and 18.2 Special safeguard 
provisions Annual G/AG/N/ROM/18 
17 September 2003 No special safeguard 
invoked during 2000-02 
Agreement on Implementation of GATT Article VI (Anti-dumping)  
Article 18.5 Laws, Decrees, and 
Regulations Once, then changes G/ADP/N/1/ROM/1 
4 April 1995 Copies of the relevant 
legislation 
Article 16.4 Anti-dumping 
actions taken Semi-annual G/ADP/N/126/Add.1 
1 April 2005 No anti-dumping actions 
taken during 1 July-
31 December 2005 
Article 16.5 Competent 
authorities Once, then changes G/ADP/N/14/Add.9 
30 September 1999 Ministry of Economy 
and Commerce 
(Department of Economic International 
Relations) 
    Table II.2 (cont'd) 
                                                      
12 For a comprehensive description of Romania's trade policy developments and commitments up to 
1999, see WTO (2000). WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 16 
 
 
WTO Agreement Description of 
requirement Periodicity Most recent notification Comment 
Agreement on Import Licensing Procedures 
Article 7.3 Questionnaire on 
import licensing 
procedures Annual G/LIC/N/3/ROM/2/Add.1 
13 February 2001 Replies to the 
questionnaire 
Articles 1.4(a) and 8.2(b) Laws and 
regulations Once, then changes G/LIC/N/1/ROM/2 
17 March 1999 Copies of the relevant 
legislation 
Article 5 Notification of 
licensing procedures Within 60 days of 
publication G/LIC/N/2/ROM/3 
13 February 2002 Products subject to 
automatic licensing 
Agreement on Preshipment Inspection 
Article 5 Laws and 
regulations Once, then changes G/PSI/N/1/Add.8  
28 September 1999 No laws or regulations 
Agreement on Rules of Origin 
Article 5 and Annex (II(4) Non-preferential and 
preferential rules of origin Within 90 days of 
the Agreement G/RO/N/23 
5 October 1998 Notification of the 
system of European cumulation of origin 
Agreement on Sanitary and Phytosanitary Measures  
Article 7, Annex B SPS to be notified 
promptly Once, then changes G/SPS/N/ROM/6 
22 March 2004 Imports of live poultry 
and domestic live birds 
other than poultry, etc. 
Annex B, para. 3 Enquiry points Ad hoc G/SPS/ENQ/18 
20 December 2004 National Sanitary 
Veterinary and Food Safety Authority, and 
Phytosanitary Division 
of the Ministry of Agriculture, Forests, and 
Rural Development 
Agreement on Safeguards 
Article 12.6 Laws and 
Regulations Once, then changes G/SG/N/1/ROM/1 
30 March 1995 Copies of the relevant 
laws 
Agreement on Subsidies a nd Countervailing Measures 
Article 25.11 Countervailing 
measures taken Semi-annual G/SCM/N/106/Add.1/Rev.2 
7 April  2005  No countervailing 
actions during 1 July- 31 
December 2005 
Article 25.12 Competent authority Ad hoc G/SCM/N/18/Add.9 
30 September 1999 Ministry of Economy 
and Commerce 
(Department of Economic International 
Relations) 
Article 32.6 Laws and 
Regulations Once, then changes G/SCM/N/1/ROM/1 
4 April 1995 Copies of the relevant 
legislation 
Agreement on Technical Barriers to Trade  
Articles 10.1 and 10.3 Enquiry point Once, then changes G/TBT/ENQ/25 
13 October 2004 Romanian Standards 
Association 
Article 15.2 Implementation and 
administration Once, then changes G/TBT/2/Add.17 
11 September 1996  
Annex 3(c) Acceptance of code Once,  then changes G/TBT/CS/N/5/Rev.1 
7 February 1996  
Agreement on Text iles and Clothing 
Articles 2.8(c) and 2.11 Integration Once G/TMB/N/470 
2 April 2004 As from 1 January 2005, 
Romania will integrate 
all products not  
integrated in the first three stages 
Articles 2.6, 2.7(b), and 6.1 Transitional 
safeguards Once G/TMB/N/57 
28 April 1995 Romania reserves the 
right to use the safeguard provision 
    Table II.2 (cont'd) Romania WT/TPR/S/155/Rev.1 
 Page 17 
 
 
WTO Agreement Description of 
requirement Periodicity Most recent notification Comment 
GATT 1994 
Article XVII:4(a) and 
Understanding on the 
Interpretation of 
Article XVII:1 State trading 
enterprises Annual G/STR/N/9/ROM 
16 March 2004 Romania notified that it 
has no state trading 
enterprises 
Article VII - 22.2 Customs Valuation Laws and 
regulations Once, then changes G/VAL/N/1/ROM/2 
14 July 1999 Customs valuation 
provisions of the 
Romanian Customs Law 
Article XII and Paragraph 
9 of the Understanding on 
Balance-of-Payments Provisions Balance-of-
payments 
restrictions Ad hoc WT/BOP/N/56 
22 January 2001 Romania eliminated the 
import surcharge as 
from 1 January 2001 
GATS      
Article III:4 or IV:2 Enquiry point  Once, then changes S/ENQ/78/Rev.6 
25 May 2004 Ministry of Economy 
and Commerce 
(Department of Foreign 
Trade) 
Agreement on Trade-Relate d Investment Measures 
Article 5.1 Notification  Within 90 days of 
the Agreement G/TRIMS/N/1/ROM/1 
7 April 1995 TRIMs that fall under 
category 1(a) of the illustrative list 
Article 6.2 Publications Once, then changes G/TRIMS/N/2/Rev.11 
24 September 2003  
Agreement on Trade-Related Aspect s of Intellectual Property Rights 
TRIPS  Checklist of issues 
on enforcement Not specified IP/N/6/ROM/1 
15 October 1997 Responses from 
Romania 
Article 69 Contact point Once, then changes IP/N/3/Rev.8  
20 October 2004  
Article 63.2 Laws and 
Regulations Once, then changes IP/N/1/ROM/E/1 
20 April 2004 Copy of the new law on 
the enforcement of TRIPS in customs 
clearance operations 
Article 63 Review of 
legislation Not specified IP/C/M/19 
5 August 1998 Responses from 
Romania 
Article 27.3.(b) Checklist of issues 
on plant variety and breeds protection Not specified IP/C/W/125/Add.6 
16 February 1999 Responses from 
Romania 
Article 24.2 Checklist of issues 
on geographical indications Not specified  IP/C/W/117/Add.17 
9 March 1999 Responses from 
Romania 
Source:  WTO documents. 
15. Romania attaches great importance to the Doha Development Agenda (DDA); its main 
interests are improved market access for its agricultu ral and non-agricultural products, in services, and 
extension of the protection of geographi cal indications under the TRIPS Agreement.13 On agriculture, 
Romania is interested in strengthening the rules on competition (including on export financing, state 
trading enterprises, and export subsidies) and on support provided to farmers. On non-agricultural 
products, Romania is in favour of tariff reductions and the elimina tion of non-tariff barriers.  In 
general, Romania is following with  attention the position of the EC. 
                                                      
13 Under the TRIPS Agreement, Romania attaches speci al importance to the extension of the additional 
protection of geographical indications under Article 23 of the Agreement, to products other than wines and 
spirits. Romania supports the establishment of a mu ltilateral system of notification and registration of 
geographical indications for all products. WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 18 
 
 
16. To date, Romania has been involved in four cases under the WTO dispute settlement 
mechanism (Table II.3).  Two cons ultations have been requested on Romania's trade measures: one by 
the United States ("Measures on minimum import pri ces"), where a mutually agreed solution was 
found; and another by Hungary ("Import prohib ition on wheat and wheat flour"), where Hungary 
withdrew its request for a panel.  Romania has also participated, as a third party, in two WTO 
disputes, both against the EC and on the same i ssue ("Protection of trademarks and geographical 
indications for agricultural products and foodstuffs "). Romania has not been the complainant in any 
dispute. 
Table II.3 
WTO dispute settlement cases involving  Romania, 1995-05 
Dispute Raised by/against Actions Outcome 
Measures on minimum 
import prices United States/Romania Consultations requested on 30 May 2000, under 
GATT Articles XXII, Article 19 of the Agreement 
on Customs Valuation, Article 19 of the Agreement 
on Agriculture, and Article  8.4 of the Agreement 
on Textiles and Clot hing (WT/DS198/1) Notification of mutually 
agreed solution on 
26 September 2001 
(WT/DS198/2) 
Import prohibition on 
wheat and wheat flour Hungary/Romania Consultations requested on 18 October 2001, under 
GATT Article XXII:1 (WT/DS240/1 and Add.1). 
Establishment of panel requested on 28 November 2001 (WT/DS240/2) Notification of 
withdrawal of the panel 
request on 20 December 2001 
(WT/DS240/3) 
Protection of trademarks 
and geographical indications for agricultural 
products and foodstuffs United States/EC Third party par ticipation requested on 2 May 2003 
(WT/DS174/17).  Panel established on 2 October 2003 (WT/DSB/M/156) Pending 
Protection of trademarks 
and geographical 
indications for agricultural 
products and foodstuffs Australia/EC Third party participation requested on 2 May 2003 
(WT/DS290/14).  Panel established on 
2 October 2003 (WT/DSB/M/156) Pending 
Source:  WTO Secretariat.  
(ii) Regional agreements 
17. Much of Romania’s trade is conducted on the b asis of agreements with countries in Europe. 
In 2004, 86.7% of Romania’s exports went to Eur opean preferential partners, including Turkey and 
Israel, and 72.5% of its imports originated there. 
(a) Europe Agreement 
18. The Europe Agreement between Romania and the EC provides the basis for relations between 
the two parties. Signed on 1 February 1993, it entered into force on 1 February 1995.14  The trade 
provisions of the agreement came into effect  through an Interim Agreement on 1 May 199315, and 
provide a framework for the creation of a free-trad e area, via the elimination of trade barriers in 
industrial goods and some agricu ltural products. Under the agreemen t, the progress of liberalization 
has been carried out asymmetrically, with the EC liber alizing at a faster rate. Accordingly, all barriers 
to Romanian exports of industrial products to th e EC were eliminated by 1 January 1996, while 
                                                      
14 Europe agreements have been signed by all the transition countries acceding to the EC and cover a 
number of areas, including trade policy and trade-rela ted issues, political dialogue, legal approximations, and 
issues relating to industry, the environment, and transportation. 
15 The trade provisions of the Europe Agreement between Romania and the EC were notified to the 
GATT in 1994, and are being examined by the WTO Committee on Regional Trade Agreements (WT/REG2/- series). Romania WT/TPR/S/155/Rev.1 
 Page 19 
 
 
Romania completed the elimination of its tariffs applicable to EC expor ts of industrial goods on 
1 January 2002. In general, quantitative restrictions  were eliminated by both parties from the outset.16  
19. Romania and the EC granted each other limite d tariff preferences on agricultural products. A 
bilateral agreement on further liberalization of agri cultural products, either fully or within tariff 
quotas, entered into force on 1 July 2000.  For so me products, particularly poultry meat and cheese, 
the parties adopted the "double zero" approach ( zero customs duty and zero quantitative restrictions). 
In April 2003, a new consolidated additional protoc ol on agricultural trade entered into force; it 
incorporates the results of the "double profit" (p rofit for both parties) negotiations concluded in 
June 2002, extending the liberalization process to  goods with substantial market protection 
(e.g. cereals, dairy products, beef and sheep meat).  In addition, trade preferences on wine, and a new 
wine and spirits agreement have been in force since 1 January 2001.17  In May 2004, negotiations 
were concluded between Romania and the EC to furt her liberalize trade in agricultural products, and 
adapt their Europe Agreement to the accession of the ten new EC member States. The results of these 
negotiations apply as from 1 August 2005. 
20. The Europe Agreement includes provisions on th e liberalization of trade in services (through 
the four modes of supply), movement of worker s, the right of establishment, customs, public 
procurement, standards and technical regulations, competition, intellectual property rights, and other 
trade-related matters that complement the liber alization of trade in goods. These provisions are 
reinforced by further provisions  on economic cooperation in invest ment promotion and protection; 
energy; and environment. The coverage of some serv ices activities will be gradual, and others, such as 
air transport, inland-waterways transport, and maritime cabotage services are subject to temporary 
exemption.   
21. In accordance with the decision taken in 1993 at the Copenhagen European Council, Romania 
presented its application for membership to the EC on 22 June 1995.18  In April 1998, Romania 
presented its national programme  for the adoption of the acquis .  At the Helsinki European Council in 
December 1999, the decision was ta ken to commence accession negotiati ons with Romania; the first 
negotiating session between the two parties was held on 15 February 2000. The Thessaloniki 
European Council in June 2003 indicated that the objective was to welcome Romania as a member in 2007.
19  
22. Romania's accession to the EC is being eval uated against its ability to satisfy defined 
economic and political criteria set out at the 1993 Copenhagen European Council, as well as to 
assume the obligations of membership.20  In this respect, regular reports have been produced since 
1997 evaluating Romania's progress.  In the 2004 report, Romania was for the first time considered to be a functioning market economy. According to the European Commission: "Vigorous implementation of its structural reform programme  should enable Romania to cope with competitive 
                                                     
 
16 See WTO (2000). 
17 European Commission (2004a). 
18 The decision stipulates that the as sociated countries in Central and Ea stern Europe that so desire shall 
become members of the EC. 
19 European Council, Presidency Conclusions, Thessaloniki, 19 and 20 June 2003, paragraph 37.  
Available at: http://www.europarl.eu.int/summits/pdf/the_en.pdf. 
20 The political and economic criteria for accession to th e EC are:  stability of  institutions guaranteeing 
democracy, the rule of law, human rights and respect for and protection of minorities; the existence of a 
functioning market economy, as well as the ability to c ope with competitive pressure and market forces within 
the Union;  the ability to take on the obligations of membership, including adherence to the aims of political, 
economic and monetary union.  The candidate country's ability to assume the obligations of EC membership, 
that is, the legal and institutional framework, is known as the acquis , and consists of 31 negotiating chapters 
(European Commission online information.  Available at http://www.europa.eu.int/c omm./enlargement/faq). WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 20 
 
 
pressure and market forces within the Union.  Improvements can be made in sustaining 
macroeconomic stability and in deepening structural reforms".21 On 25 April 2005, Romania signed 
the Accession Treaty, the final step before full membership of the EC. 
23. On 17 December  2004, the European Council form ally decided to conclude the negotiations 
on Romania's accession to the EC. The Presidency Conc lusions indicated that Romania would be able 
to assume all the obligations of membership at th e envisaged time of its accession, provided that it 
continued its effort to that end, and completed in a successful and timely way all necessary reforms 
and commitments undertaken in all areas of the ac quis, in particular, the important commitments 
regarding Justice and Home Affair s, Competition, and Environment.22  To this end, the Commission 
will continue to submit annual reports on Romani a's progress towards accession, together with 
recommendations if appropriate.  The EC reserves the right to delay Romania's accession until 2008, if it considers that Romania might not be able to fulfil the obligations of accession.
23 Romania's EC 
membership will entail adoption of the whole body  of EC trade regulations, including the Common 
External Tariff. 
24. Trade between Romania and the EC has conti nued to expand during the period under review 
(Chapter I(3)(i)). Romania's main exports to the EC are textiles, machinery, footwear, steel products, 
live animals, vegetables, and oilseeds;  its main im ports from the EC are machinery, textiles, vehicles, 
plastics, chemicals, steel products, cereals,  meat, edible preparations, and tobacco. 
(b) Free-trade agreement with EFTA 
25. The EFTA-Romania free-trade agreement was signe d on 10 December 1992, and entered into 
force on 1 May 1993.24  It is largely patterned on the trad e provisions of the Europe Agreement 
concluded between the EC and Romania.25  The EFTA-Romania free-trade agreement covers trade in 
industrial goods, as well as fish, marine produc ts, and processed agricultural goods. Trade in 
unprocessed agricultural products is covered by bila teral agreements between Romania and individual 
EFTA members.  All customs duties on industrial g oods, and fish and other marine products were 
eliminated as of 1 January 2002. The agreement also includes trade-related disc iplines in areas such as 
competition, protection of intellectual property, public procurement, state monopolies, state aid, and 
payments and transfers. 
(c) Central European Free-Trade Agreement (CEFTA) 
26. The CEFTA introduced a free-trade area amongst its members.26 Romania's accession was 
signed on 12 April 1997, and entered into force on 1 July 1997. On 1 May 2004, the Czech Republic, 
Poland, Hungary, the Slovak Republic, and Slovenia became EC members, and as a result, ceased to 
                                                      
21 European Commission (2004c). 
22 Mission of Romania to the European Union online information.  Available at: http://www.mie.ro.  
23 European Parliament (2004). 
24 The EFTA-Romania Agreement was originally signed with Austria, Finland, Iceland, Liechtenstein, 
Norway, Sweden, and Switzerla nd.  Austria, Finland, and Sweden withdrew from EFTA when they joined the 
EC on 1 January 1995. The EFTA-Romania Agreement was notified to the GATT, and is being examined by the WTO Committee on Regional Trade Agreements (WT/REG16/- series). 
25 Tariff and non-tariff barriers were  eliminated according to an asy mmetric liberalization schedule, 
slower for Romania than for EFTA. Pan-European cumula tion of origin currently applies under the agreement. 
26 CEFTA was originally established by the Czech  Republic, Hungary, Po land, and the Slovak 
Republic on 21 December 1992 to strengthen their process of economic integration. Slovenia and Bulgaria 
joined on 1 January 1996 and 1 January 1999, respectively. The CEFTA was notified to the GATT in 1994, and is being examined by the WTO Committee on Re gional Trade Agreements (WT/REG11/- series). Romania WT/TPR/S/155/Rev.1 
 Page 21 
 
 
be CEFTA members.27  CEFTA provisions currently apply to trade among the remaining CEFTA 
parties (Bulgaria, Croatia, and Romania). 
27. The CEFTA covers both agricultural and in dustrial goods;  the free-trade area for all 
industrial products was es tablished in January 2002, on the basi s of bilateral agreements. The CEFTA 
is not aimed at the complete liberalizati on of trade in agricultural and food products.28  It contains 
general provisions encompassing other issues such as rules of origin, cooperation in customs matters, 
internal taxation, state monopolies, and competition policy. The current rules of origin are harmonized 
with those of the EC, allowing for regional cumu lation of origin among CEFTA, and Pan-European 
diagonal cumulation only for Romania and Bulgaria. 
(d) Bilateral free-trade agreements (B FTAs) in South East Europe (SEE) 
28. The basis for the BFTAs in SEE was laid out in the Memorandum of Understanding (MoU) 
on Trade Liberalization and Facilitation signed on 27 June 2001 by Albania, Bosnia-Herzegovina, 
Bulgaria, Croatia, FYR of Macedonia, Mol dova, Serbia and Montenegro, and Romania.29 Some of the 
main points of the MoU, incorporated in the BFTAs,  are: conclusion of bilateral free-trade agreements 
between all signatory countries; liberalization of at  least 90% of mutual trade by the end of 2008; 
bilateral cumulation of origin; harmonization of trad e-related legislation with that of the EC; and 
WTO-consistent provisions on contingency trad e remedies, and intellectual property rights. 
29. In the framework of the BFTAs in SEE, Romania has signed agreements with: Albania, 
Bosnia-Herzegovina, FYR of Macedoni a, and Serbia and Montenegro.30  Romania's agreement with 
Bosnia-Herzegovina entered into force on 1 Decemb er 2004, and the others on 1 July 2004. These 
trade agreements have a standard model: liberalizati on of bilateral trade at the end of 2006, with some 
exceptions (e.g. certain chemicals, essential oils, raw fur-skins, wool, cotton, and cotton waste). In 
addition, the agreements have provisions on, inter alia , services and investment, internal taxation, 
anti-dumping, state monopolies, competition, state aid, protection of intellectual property, and government procurement. Annexes to the agreements list the categories of goods subject to temporary 
export restrictions. 
30. The agreements with Bulgaria and Croatia were concluded under CEFTA 
(section (ii)(c) above);  the agreement with Mo ldova dates back to 1994 (section (iii)(a) below). 
                                                     
 
27 Trade relations between Romania and the EC25 have been governed by the Europe Agreement since 
1 May 2004;  Romania's relations with Lithuania were previously governed by a free-trade agreement, which 
entered into force on 1 July 2002. 
28 There are three schemes for liber alization of trade in agricultural and food products. The first 
provides for duty-free treatment without any quantitative re strictions. Products under this scheme include plant 
seeds, breeding stock, fish, spices, and certain confectionery and bakery products. The second scheme, under 
which an identical customs tariff is imposed amongst member countries, covers products such as beef and pork, 
certain vegetables and fruit, cereals,  and dried pasta. These two schemes are binding on all CEFTA members. 
The third scheme, which covers more "sensitive" products, involves bilateral negotiations on trade 
liberalization; this typically involves in-quota tariff reductions. 
29 The BFTAs in SEE comprise eight countries coveri ng an area of 647,379 square kilometres, and a 
population of about 60 million people (Serbian Investment and Export Promotion Agency online information.  
Available at: http://www.siepa.sr.gov.yu/attach/see.pdf).  
30 The BFTAs concluded by Romania in SEE have been notified to the WTO and are being examined 
by the Committee on Regional Trade Agreements. WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 22 
 
 
(e) Black Sea Economic Cooperation (BSEC)  
31. The BSEC aims to improve and diversif y economic and trade relations among its 
11 members.31  Although the BSEC provides for cooperation in various fields, it does not yet provide 
for tariff preferences.  Areas of cooperati on include banking and finance, transport, 
telecommunications, trade and industry, agriculture  and agri-industry, environmental protection, 
tourism, science and technology, and exchange of statistical data and economic information regarding 
energy. In this context, the Black Sea Trade a nd Development Bank became operational in 1999. On 
7 February 1997, a declaration of intent was adopt ed for the establishment of  a BSEC free-trade area 
by 2010. The declaration envisag ed an examination of the ways and means for the progressive 
establishment of such an area, taking into account ea ch country's existing and future links with the 
EC. On 10 September 2003, the Baku Declar ation on Energy Cooperation was signed. 
(iii) Bilateral agreements 
(a) Free-trade agreement with Moldova 
32. Reflecting the traditional political, economic and social links between Romania and Moldova, 
a free-trade agreement was signed on 15 February 1994 and entered into force on 1 January 1995.32  
Under the agreement bilateral trade in goods is free of  customs duties.  However, in cases of shortage, 
each partner may temporarily restrict exports of th e product concerned;  annexes to the agreement list 
the categories of goods subject to such temporary ex port restrictions.  This agreement does not form 
part of the European System of Cumulation of Origin. 
(b) Free-trade agreement with Turkey 
33. Like other EC accession candidates, Romania has sought to conclude trade agreements with 
countries with which the EC has such agreements.  Accordingly, Romania signed an agreement with 
Turkey (also a candidate) on 29 April 1997; it ente red into force on 1 February 1998. The elimination 
of tariffs on industrial goods was completed on 1 Jan uary 2002.33  Special arrangements were set for 
agricultural and food products. The agreement also in cludes provisions on, inter alia, internal taxation, 
anti-dumping, state aid, competition, protection of IPRs, and government procurement. Pan-European 
cumulation of origin currently applies under the agreement. 
(c) Free-trade agreement with Israel 
34. The free-trade agreement between Israel and Romania entered into force on 1 July 2002.34  
With few exceptions (i.e. 2,163 products included in  Chapters 25-96), the elimination of tariffs on 
industrial products was completed at the end of 2004. Special arrangements were set for agricultural 
and food products.  For certain agricultural products , concessions include the elimination or reduction 
of customs duties. Negotiations are under way fo r improving access for agricultural products in both 
countries.  The agreement also includes provisions on, inter alia , internal taxation, anti-dumping, 
                                                      
31 The BSEC Declaration was signed on 25 June 1992. The member countries are: Albania, Armenia, 
Azerbaijan, Bulgaria, Georgia, Gr eece, Moldova, Romania, the Russian Federation, Turkey , and Ukraine. 
32 The Agreement was notified to the WTO and is being examined by the Committee on Regional 
Trade Agreements (WT/REG44/- series). 
33 The Agreement was notified to the WTO and is being examined by the Committee on Regional 
Trade Agreements (WT/REG59/- series). 
34 The agreement was notified to the WTO and is be ing examined by the Co mmittee on Regional Trade 
Agreements. Romania WT/TPR/S/155/Rev.1 
 Page 23 
 
 
competition, state aid, protection of IPRs, and go vernment procurement. Bilateral cumulation of 
origin currently applies under the agreement. 
(iv) Other preferential trade arrangements 
35. Romanian exports receive preferential treatment under the Generalized System of Preferences 
(GSP) schemes of Australia, Belarus, Canada, Japan, Kazakhstan, New Zealand, the Russian 
Federation, and the United States. 
36. In 1989, Romania ratified the Agreement on the Global System of Trade Preferences (GSTP) 
among developing countries.  
37. Romania also grants, from 1978, trade preference s to members of the Protocol relating to 
Trade Negotiations among Developing Countries (Protocol of 16).35 
(5) INVESTMENT FRAMEWORK  
38. Since its last TPR, Romania has adopted or ame nded various laws and re gulations to change 
the institutional and legislative framework govern ing investment (section (2) above). The authorities 
have also been implementing measures to increase fo reign direct investment (FDI) inflows, notably 
by establishing, in 2002, the Romanian Agency for Foreign Investment (ARIS) (Law No. 390/2002), 
as suggested by the Action Plan for Improving the Business Environment.36 ARIS is a specialized 
governmental body responsible for promoting and attracting FDI. It provides legal advice and information on investment opportunities, and assists potential investors with over US$1 million in green field investments to identify business partners  and implement investment projects. However, 
some structural obstacles to investment are s till identified in areas such as corruption, excessive 
bureaucracy, and law enforcement problems.
37 
39. Foreign investors that are or wish to become shareholders or associates in a company must 
apply to ARIS for approval (through a notice).  Th ey must fulfil certain conditions, such as having the 
necessary funding (i.e. a minimum of €70,000 in the case of a public company and €50,000 for a 
limited company), and benefiting the Romanian ec onomy in terms of money, kind (technology, know-
how) and/or job creation.38 Any foreign legal person that has a representative office authorized to 
operate in Romania is required to pay an annua l tax in RON equivalent to €4,000. Commercial 
companies in Romania are subject to the following di rect taxes: corporate income tax, (reduced from 
25% to 16% as from 1 January 2005, and applicable to both Romanian incorporated companies, and to foreign legal persons operating through a "perma nent establishment" in Romania); personal income 
tax; social taxes and community charges; and withholding taxes.
39 On 1 January 2005, the 16% 
personal income tax replaced th e salary tax and other employ ee and employer withholding taxes 
                                                      
35 Currently, the following countries participate in the Protocol of 16:  Bangladesh, Brazil, Chile, 
Egypt, Israel, Mexico, Pakistan, Peru, Republic of Korea, Romania, Turkey, Tunisia, and Uruguay. 
36 The Action Plan consolidated all initiatives for improving the business environment in Romania 
(European Commission, 2004). 
37 European Commission (2004c). 
38 Government Urgency Ordinance (No. 194/2002, approved by Law No. 375/2003) on the Status of 
Foreigners in Romania.  
39 Income obtained in Romania is subject to the following withholding taxes (if not otherwise stipulated 
by international treaties, e.g. double taxation): (i) 10 % on interest (bank deposit interest paid by Romanian 
banks is the exception); (ii) 15% on royalties, commissi ons, revenues obtained from technical assistance and 
most other services if they are performed in Romani a, as well as revenues fr om international transport 
companies; and (iii) 10% on dividends (OECD, 2004). WT/TPR/S/155/Rev.1 Trade Policy Review 
Page 24 
 
 
ranging from 18% to 40%40; it is levied on the gross salary, as well as on other income.41 Employers 
must pay various social taxes, such as health insurance (6.5%), pension (9.5%), and unemployment 
(1%); these are calculated as a percentage of the gross salary.42 
40. The Romanian legislation provides national treatme nt to local and foreign investors (resident 
or non-resident in Romania), who are entitled to be nefit from the same guarantees and rights, such as: 
(i) the possibility of investing in any field of econom ic activity, and in any legal form provided by the 
law; (ii) guarantees against nationali zation, expropriation, or any other similar measure; (iii) the right 
to benefit from investment incentives; and (iv) the right to elect the competent court or arbitration 
authorities to settle potential investment-related dis putes. Non-resident investors additionally benefit 
from the right to transfer abroad, dividends, inco mes and proceeds resulting from their activities in 
Romania without restriction, after payment of the legal taxes due;  and the right to receive the most favourable treatment provided either by the Roma nian legislation or an agreement for mutual 
guarantee of investments, or another law. 
41. Foreign ownership of is perm itted up to 100% in all sectors, except in some strategic 
activities, such as health services, education, and public administration services. Also, foreign natural 
and legal persons may not own land in Romania, but by way of concession they may acquire other 
legal rights over land, such as the right of use.
43  Furthermore, for some activities (e.g. fishing, 
mining, energy, banking, telecommunications), appr oval/licences, which are applied equally to local 
and foreign enterprises, must be obtained from regul atory/supervising bodies (Chapter IV(5)).  Some 
professional services (e.g. legal services) can be s upplied only through joint-ventures with Romanian 
lawyers/law firms.  Special measures may also apply, occasionally, on a case-by-case basis in some 
activities.44 
42. Fighting corruption, establishing an efficient bankruptcy mechanism, and improving 
governance are identified as key priorities for attracting more FDI into Romania.45  In this regard, the 
Government is making efforts to strengthen the ro le of the Superior Council of Magistrates as the 
guarantor of judicial independence, and has deve loped a National Anti-Corruption Strategy aiming to 
                                                      
40 Since its last TPR, Romania has consolidated its various taxation laws into a single Fiscal Code, 
aimed at, inter alia , addressing enforcement problems, and further harmonizing its legislation with the acquis. 
The Fiscal Code entered into force on 1 January 2004, along with the Code for Fiscal Procedure, and the 
National Agency for Fiscal Administration. Moreover, the use of computer or a single form to file all taxes due has been implemented for large taxpayers (i.e. with a turnover greater than RON 50 million), and a Code of 
Ethics for tax inspectors has been approved and published. Nevertheless, Romania's administrative capacity 
remains weak, and stronger revenue co llection, control, and audit functions are needed (European Commission, 
2004). 
41 Foreign citizens working under foreign employment  agreements are required to calculate and pay 
income tax and register monthly income tax declarations with the Romanian tax authorities. 
42 Foreign citizens working in Romania on a work permit and a labour contract registered with the 
Labour Office are required to pay the Romanian social contributions. 
43 By establishing a company in Ro mania and acquiring the status of a Romanian legal person, foreign 
investors can acquire ownership rights over real estate, including land, through the company, irrespective of the 
foreign equity share in the company.  However, the Constitution, as amended in 2004, provides for foreigners to acquire land; the legal instrument for the implemen tation of this provision has not been adopted. 
44 Specific government decisions may, in some instances, prevent foreign investors from gaining 
immediate control over certain entities. For example, the privatization of the national telecom company first allowed the sale of a minority stake to a foreign inve stor;  a majority stake was allowed through a capital 
increase at a later st age (OECD, 2004). 
45 The main challenge in the fight against corruption in Romania lies less in the existing legal 
provisions than in their implementation (European Commission, 2004). Romania WT/TPR/S/155/Rev.1 
 Page 25 
 
 
locate, prevent, and eradicate corruption. The Na tional Anti-Corruption Prosecutor's Office (NAPO) 
was set up in 200246, and the Anti-Corruption Package was introduced in 2003.47 
43. Since its last TPR, Romania has taken steps to remove administrative barriers and improve 
the business environment. These include: establishing a "one-stop-office" for the registration of 
companies; simplifying the authorization procedures for start-ups, and replacing, in most cases, the 
ex-ante  approvals with declarations and ex-post  controls; extending the level of information and 
consultation with the business community in th e process of making legislative proposals; and 
increasing the transparency of the decision-making process at the level of public administration. 
44. There are various investment incentive schemes available equally to foreign and domestic 
investors;  they include tariff and duty exemp tions as well as tax and other fiscal incentives. 
Incentives for investors also apply at the local level (Chapter III(4)(i )). There are no special incentives 
available only to foreign or national investors.48 According to the authoriti es, all industry-specific 
incentives will be eliminated  as from 31 December 2006. 
45. Romania has signed 84 bilateral investment  protection agreements (up from 75 in 
June 1999).49 
46. Romania has signed 80 treaties on double taxation (up from 38 in June 1999).50 
47. Romania participates in several investment -related Conventions, including those under the 
International Centre for Settlement of Investment  Disputes, the Multilateral Investment Guarantee 
Agency, and the Recognition and Enforcement of Fo reign Arbitral Awards. The Overseas Private 
Investment Corporation began opera tions in Romania in late 1992. 
 
                                                      
46 Law No. 503/2002. 
47 Law No. 161/2003. This Law introduced a requirement for joint-stock companies, irrespective of the 
structure of ownership, to incr ease their minimum capital share to  €25,000 by the end of 2005. 
48 At the beginning of Romania's transition process to a market economy, the authorities provided 
special incentives to FDI to improve economic performance and the country's rating. Gradually, as the economy 
recovered, the incentives were reduce d and, in 1999, Romania decided to cancel some of them. Investment 
incentives are generally considered  to be ineffective (WTO, 2000). 
49 Albania, Algeria, Argentina, Armenia, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium, 
Bolivia, Bosnia-Herzegovina, Bulgaria, Cameroon, Canada, Chile, China, Croatia, Cuba, Cyprus, the 
Czech Republic, Democratic People's Re public of Korea, Denmark, Ecuador,  Egypt, Finland, France, Gabon, 
Georgia, Germany, Ghana, Greece, Hung ary, India, Indonesia, Israel, Italy,  Jordan, Kazakhstan, Kuwait, Latvia, 
Lebanon, Lithuania, Luxembourg, FYR of Macedonia, Malaysia, Mauritiu s, Mauritania, Moldova, Mongolia, 
Morocco, the Netherlands, Nigeria, Norway, Pakistan, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, 
Republic of Korea, Russian Federation, Senegal, Serbia and Montenegro, Slovakia, Slovenia, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Thailand, Tunisia, Turkey, Turkmenistan, Ukrain e (not yet in force), United Arab 
Emirates, the United Kingdom, the United States , Uruguay, Uzbekistan, Viet Nam, and Yemen 
(UNCTAD, 2004). 
50 Albania, Algeria, Armenia, Australia, Austria, Az erbaijan (not yet in force), Bangladesh, Belarus, 
Belgium, Bolivia, Bulgaria, Canada, China, Costa Rica, Cyprus, the Czech Republic, Democratic People's 
Republic of Korea, Denmark, Ecuado r, Egypt, Finland, France, Georgia,  Germany, Greece, Hungary, India, 
Indonesia, Iran (not yet in force), Iraq, Ireland, Isr ael, Italy, Japan, Jordan, Kazakhstan, Kuwait, Latvia, 
Lebanon, Lithuania, Luxembourg, FYR of Macedonia, Malaysia, Ma lta, Mexico, Moldova, Mongolia, Morocco, 
Namibia, the Netherlands, Nigeria, Norway, Pakistan, Ph ilippines, Poland, Portugal, Qatar, Republic of Korea, 
Russian Federation, Serbia and Montenegro, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Sudan, 
Sweden, Switzerland, Singapore, Syria, Thailand, Tunisi a, Turkey, Ukraine, United Arab Emirates, the United 
Kingdom, the United States, Uzbekistan, Vi et Nam, and Zambia (UNCTAD, 2004).