Accession to the Organization for Economic Co-operation and Development (OECD) is the next step on Romania’s road to modernization, development and prosperity, prime minister Nicolae Ciuca said, on Thursday, at the event “Accession to the OECD – opportunities for the Romanian business environment”, organized by the Government of Romania in collaboration with the Organization for Economic Co-operation and Development to mark one year since the start of the process on our country’s accession to this organization.
“After a wait that lasted 18 years, last year, Romania was invited to start the OECD accession process. Romania’s accession to the OECD has become a major foreign policy objective and a strategic objective of the country, after the accession to the European Union and NATO, and the opening of the accession talks is a recognition of our development potential. At the same time, it represents an important vote of confidence granted to Romania, which we want to capitalize on,” highlighted Nicolae Ciuca.
According to the head of the Government, the accession process requires an alignment with the entire set of legal instruments of the OECD, representing 26 fields and over 230 legal instruments.
He pointed out that the accession process to the OECD is somewhat facilitated by the commitments assumed through the Recovery and Resilience Plan (PNRR), and these two projects – the reforms assumed through the PNRR and the standards set through the roadmap for accession to the organization – are complementary.
At the same time, the prime minister also declared that the Government proposes an honest and solid partnership with the business environment, which represents an important vector in Romania’s modernization.
OECD membership is, he added, a strong indicator of confidence for domestic and international investors, a catalyst that drives the stimulation of direct investments and strengthens the confidence of international markets in domestic economic stability.
As regards the current economic situation in Romania, the prime minister said, in 2022, Romania’s Gross Domestic Product increased by almost 50 billion euros compared to the previous year, namely 4.9 percent, representing a significant increase, equivalent to the entire GDP of our country 20 years ago.
The head of the Executive emphasized that the benefits of joining the OECD for Romanian companies will include access to the expertise of OECD specialists in areas such as new digital technologies, the green transition or the promotion of responsible business behaviour.
SecGen Cormann: OECD accession process will contribute to ensuring an open, attractive investment climate in Romania
Romania’s accession process to the Organization for Economic Co-operation and Development will contribute to ensuring an open and attractive investment climate, to progress in the fight against corruption and will promote competition, OECD secretary general Mathias Cormann said on Thursday at the event “Accession to the OECD – opportunities for the Romanian business environment”.
This process will have direct and concrete benefits, supporting Romania’s reform agenda and encouraging the functioning of a fair, efficient, open and competitive market. It will also promote competition and neutrality by encouraging the elimination of regulations that hinder the activity of innovative companies and will help ensure fair competition. It will ensure the promotion of appropriate policies to encourage sustainable and resilient business practices, including global supply chains of which Romania is becoming an increasingly important part, Cormann said.
He added that this process will help the Government step up investment in sustainable infrastructure, laying the groundwork for future growth. The benefits are not one-sided. The members of the OECD and the Organization as a whole have a lot to gain from closer policy cooperation and from a greater contribution from Romania, Cormann pointed out.
The OECD official pointed out that this accession process is based on Romania’s impressive economic performance over the last 20 years, namely the halving of the gap between Romania’s GDP per capita and the OECD average, from about 70 pct to about 35 pct.
Significant foreign investment, important progress in judicial reforms and prudent monetary policy have contributed to this success so far. Indeed, many things have already been achieved, but more can be done and we are confident that more will be done for Romania to reach its entire potential, creating even more opportunities for Romanians and for the business environment in Romania. The OECD’s Economic Study for Romania, launched in 2022, finds that further reforms can further boost economic growth and create the necessary premises for business and citizens to participate fully and benefit from economic growth and development. We are confident that Romania’s path to joining the OECD will help boost some of these reforms that strengthen economic growth, the OECD secretary general said.
He recalled that during prime minister Nicolae Ciuca’s visit to the OECD in December 2022, Romania submitted the Initial Memorandum, the end of the first stage of the accession process and follows the part through which it will be technically confirmed. This process will involve 26 sectoral OECD committees, made up of experts from each of the 38 member countries of the OECD and the European Union, that will carry out in-depth technical assessments.
According to him, the decision of the Council of the Organization for Economic Co-operation and Development on the launch of accession negotiations with Romania represented a historic step for the Organization, an ambitious process that will offer concrete benefits for the business environment and for all Romanian citizens, a process that engages the entire society.
Compiled from Agerpres