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photo source: ccir.ro

From L to R: HE Ambassador of Canada to Romania Kevin Hamilton, Mihai Daraban – CCIR president and Sterica Fudulea - State Secretary of the Ministry for the Business and Entrepreneurship Environment
photo source: ccir.ro From L to R: HE Ambassador of Canada to Romania Kevin Hamilton, Mihai Daraban – CCIR president and Sterica Fudulea - State Secretary of the Ministry for the Business and Entrepreneurship Environment

Romania-Canada trade exchange to hit record high in 2017

The volume of trade between Romania and Canada will reach an absolute record this year, Sterica Fudulea, State Secretary of the Ministry for the Business and Entrepreneurship Environment, stated on Thursday, attending CETA’s provisional application event, market by the Canadian Embassy in Bucharest.

According to him, in the first seven months of this year, Romania’s exports to Canada reached USD 152.4 million, up 80 percent over the same period last year, while imports amounted to USD 62.8 million, by 55 percent more in year-on-year comparison.

1,923 Romanian-Canadian joint ventures were registered in Romania at end-August 2017, and the investment volume stood at USD 136.6 million, Canada ranking 21th among foreign investors in Romania.

At the same time, Mihai Daraban, the president of the Chamber of Commerce and Industry of Romania (CCIR), showed that 42,000 jobs in Romania depend directly on the commercial activity between Romania and Canada. He also pointed out that besides the famous bilateral exchange of goods, there is also a separate heading for exports and imports of services – consulting, design, IT.

”In 2016, Romania’s exports reached EUR 105.4 million, while imports – EUR 72.7 million, but beyond these figures, Romania exported services of EUR 144.8 million and imported of EUR 203.7 million. There are categories of trade to which we focus, we are realistic about the potential of the Romanian economy at present, about the rankings we have at EU level and I believe that this export-import of services will count much more in the future compared to the goods themselves. (…) We are the third EU exporter of naval, ship and craft equipment. Until the entry into force of the CETA, Romania faced  fees of 16 percent up to 25 percent in Canada, given that it has ratified an agreement with South Korea in 2015. There was also a tax of 9 percent on machinery and electrical equipment and the processed agricultural products were charged by about 277 percent. Indeed, this agreement brings major changes that can only lead towards European economic growth,” CCIR official stated.

 

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