The European Parliament in Strasbourg approved the signing of the Accession Treaties for Romania and Bulgaria, paving the way for their accession to the EU in 2007 The European Parliament has today approved the signing of the Accession Treaties of Romania and Bulgaria, effectively endorsing their accession to the European Union. The parliament voted on the Romanian Accession Treaty with 497 positive votes, 93 negative votes and 71 abstentions. Bulgaria received a slightly more positive message, with 522 votes in favour of its Accession Treaty, 70 negative votes and 69 abstentions. The approval of the Treaty is expected to encourage greater foreign investment to the two countries. Already, the fact that they were EU candidate countries has made them more competitive than their southeastern European neighbours. For example, Romania received $5.5 billion of foreign investment in 2004, triple the amount received in 2003. Bulgaria also attracted $2.54 billion, the highest per-capita amount in the region. Stocks have also risen, with the Bucharest-based BET10 exchange rising 84\% in the last 12 months, and Sofia's Sofix rising 69\%. However, despite the positive effects of the Accession Treaty vote, Romania and Bulgaria still have a significant amount of work to do in order to be fully prepared to join the EU in 2007. The establishment of an independent judiciary is a major issue in both countries, as is corruption. Additionally, the European Parliament has notified Bulgaria that it must deal with organised crime in a more dynamic manner. In the case of Romania, the EU has said that more progress must be made in bringing competition law up to EU standards, as well as protecting the environment and reducing state aid to loss-making industries such as the steel sector. Olli Rehn , the European Commissioner for Enlargement, said that "These countries still have a lot to do. They have criteria to fulfill so the safeguard clause doesn't kick in." If the safeguard clause is implemented, accession will be postponed until 2008. However, in the case of Bulgaria, the safeguard clause can only be implemented if all 25 member states vote unanimously on it. In the case of Romania, only a majority vote is needed.
The has today approved the signing of the Accession Treaties of Romania and Bulgaria, effectively endorsing their accession to the European Union. The parliament voted on the Romanian Accession Treaty with 497 positive votes, 93 negative votes and 71 abstentions. Bulgaria received a slightly more positive message, with 522 votes in favour of its Accession Treaty, 70 negative votes and 69 abstentions. The approval of the Treaty is expected to encourage greater foreign investment to the two countries. Already, the fact that they were EU candidate countries has made them more competitive than their neighbours. For example, Romania received $5.5 billion of foreign investment in 2004, triple the amount received in 2003. Bulgaria also attracted $2.54 billion, the highest per-capita amount in the region. Stocks have also risen, with the Bucharest-based BET10 exchange rising 84\% in the last 12 months, and Sofia's Sofix rising 69\%. However, despite the positive effects of the Accession Treaty vote, Romania and Bulgaria still have a significant amount of work to do in order to be fully prepared to join the EU in 2007. The establishment of an independent judiciary is a major issue in both countries, as is corruption. Additionally, the European Parliament has notified Bulgaria that it must deal with in a more dynamic manner. In the case of Romania, the EU has said that more progress must be made in bringing competition law up to EU standards, as well as protecting the and reducing state aid to loss-making industries such as the steel sector. , the European Commissioner for Enlargement, said that "These countries still have a lot to do. They have criteria to fulfill so the safeguard clause doesn't kick in." If the safeguard clause is implemented, accession will be postponed until 2008. However, in the case of Bulgaria, the safeguard clause can only be implemented if all 25 member states vote unanimously on it. In the case of Romania, only a majority vote is needed.
D
European Parliament in Strasbourg approved the signing of the Accession Treaties for Romania and Bulgaria, paving the way for their accession to the EU in 2007
D
The European Parliament
D
southeastern European
D
organised crime
D
environment
D
Olli Rehn