ࡱ> @ bjbjצצ ^FDRRRrSS,T"TtUtUtUSV"uV V$&&&&&&ёR#&9lOVSVll&tUtU_qqqltUtU$ql$qq2(tUT ÷6Ro(.@u0V.p\V ^^qkcLg;VVV&&6dlq"6World Trade OrganizationRESTRICTEDWT/TPR/S/155 24 October 2005 (05-4776)Trade Policy Review Body TRADE POLICY REVIEW ROMANIA Report by the Secretariat  This report, prepared for the third Trade Policy Review of Romania, has been drawn up by the ϲʹ Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Romania on its trade policies and practices. Any technical questions arising from this report may be addressed to Mr.Ricardo Barba (tel: 022/739 50 88 or fax: 022/739 57 65) or Mr.JacquesDegbelo (tel: 022/739 55 83). Document WT/TPR/G/155 contains the policy statement submitted by Romania.  ADVANCE \y 700  Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on DOCPROPERTY "Country" Romania. CONTENTS Page SUMMARY OBSERVATIONS vii (1) The Economic Environment vii (2) Institutional Framework vii (3) Trade Policy Instruments viii (4) Sectoral Policies ix (5) Trade Policy and Trading Partners x I. Economic environment 1 (1) Major Features of the Economy 1 (2) Recent Economic Developments 2 (3) Trade Performance and Investment 4 (i) Trade in goods and services 4 (ii) Foreign direct investment 9 (4) Outlook 10 II. trade and investment regimes 11 (1) General Framework 11 (2) Laws and Regulations 12 (3) Policy Objectives 14 (4) Trade Agreements 15 (i) ϲʹ 15 (ii) Regional agreements 18 (iii) Bilateral agreements 22 (iv) Other preferential trade arrangements 23 (5) Investment Framework 23 III. trade policies and practices by measure 26 (1) Introduction 26 (2) Measures Directly Affecting Imports 27 (i) Registration and documentation 27 (ii) Customs procedures, clearance, and valuation 28 (iii) Rules of origin 30 (iv) Tariffs, other duties, and taxes 30 (v) Import prohibitions, restriction, and licensing 38 (vi) Contingency trade remedies 40 (vii) Standards and other technical regulations 41 (viii) Public procurement 46 (ix) Local-content requirements 47 (x) Other measures 47 (3) Measures Directly Affecting Exports 48 (i) Registration and documentation 48 (ii) Export taxes 48 Page (iii) Export prohibitions, controls, and licensing 48 (iv) Export subsidies, finance, assistance, and promotion 48 (v) Free zones 49 (vi) Other measures 50 (4) Measures Affecting Production and Trade 50 (i) Incentives 50 (ii) Public enterprises and privatization 52 (iii) Competition policy and price controls 53 (iv) Protection of intellectual property rights 55 IV. trade policies by sector 60 (1) Overview 60 (2) Agriculture and Related Activities 60 (i) Main features 60 (ii) Policy developments 61 (iii) Selected products 63 (3) Mining and Energy 67 (i) Overview 67 (ii) Mining 67 (iii) Energy 68 (4) Manufacturing 71 (i) General 71 (ii) Selected industries 72 (5) Services 75 (i) Overview 75 (ii) Financial services 75 (iii) Telecommunications and postal services 78 (iv) Transport 81 (v) Tourism 86 REFERENCES 89 APPENDIX TABLES 91 CHARTS Page I. ECONOMIC ENVIRONMENT I.1 Structure of merchandise exports and imports, 1995-04 7 I.2 Direction of merchandise trade, 1995-04 8 III. TRADE POLICIES AND PRACTICES BY MEASURE III.1 Breakdown of applied MFN tariffs, 2005 32 III.2 MFN tariff distribution by ISIC sector, 2005 33 III.3 Tariff escalation by ISIC 2-digit industry, 2005 33 IV. TRADE POLICIES BY SECTOR IV.1 Romania's MFN tariff by ISIC classification, 2005 78 TABLES I. ECONOMIC ENVIRONMENT I.1 Main economic indicators, 1999-04 3 I.2 Balance of payments, 1995-04 5 I.3 Foreign direct investment, 1999-04 9 II. TRADE AND INVESTMENT REGIMES II.1 Main trade-related legislation in Romania, 2005 13 II.2 Romania's selected notifications to the ϲʹ, as of July 2005 15 II.3 ϲʹ dispute settlement cases involving Romania, 1995-05 18 III. TRADE POLICIES AND PRACTICES BY MEASURES III.1 Structure of MFN tariffs in Romania, 1999-05 26 III.2 Summary analysis of Romania's MFN tariff, 2005 31 III.3 MFN and preferential simple average tariffs, 2005 34 III.4 Prohibition of imports and transit on SPS grounds 43 III.5 Decisions taken by the Competition Council, 2001-04 55 III.6 Romania's participation in international IPR agreements, 2005 57 IV. TRADE POLICIES BY SECTOR IV.1 Production of cereals, 1999-04 64 IV.2 Energy exports and imports, 1999-04 69 IV.3 Selected telecommunication indicators, 1999-04 79 IV.4 Selected transport statistics, 2000 and 2004 81 Page APPENDIX TABLES I. ECONOMIC ENVIRONMENT AI.1 Structure of merchandise exports, 1995-04 93 AI.2 Destination of exports, 1995-04 94 AI.3 Structure of merchandise imports, 1995-04 95 AI.4 Origin of imports, 1995-04 96 III. TRADE POLICIES AND PRACTICES BY MEASURES AIII.1 Applied MFN tariff averages by HS2, 2005 103 AIII.2 Tariff quotas on imports from preferential origins, 2005 101 AIII.3 Excise taxes on imports, 2005 104 AIII.4 Majority state-owned companies to be privatized by AVAS, June 2005 106 IV. TRADE POLICIES BY SECTOR AIV.1 Applied MFN tariffs, by ISIC Rev.2 category, 2005 109 AIV.2 Summary of Romania's specific commitments in services 112 SUMMARY OBSERVATIONS (1) The Economic Environment Since its second Trade Policy Review (TPR), in 1999, Romania has made renewed stabilization efforts, which have contributed to a positive combination of high economic growth (an average real GDP growth rate of 5.3% over 2000-04, up from 0.5% during 1992-99), falling inflation (from 54.8% in 1999 to 9.3% in 2004) and a lower fiscal deficit (4% of GDP in 2000 and 1.1% in 2004). However, the external current account deficit reached a peak of 7.6% of GDP in 2004. Romania is in the midst of an ambitious economic reform programme. Its objective is to further stabilize its economy; it is also meant to address governance problems that remain key issues in Romania's planned accession to the European Communities (EC) in 2007. These problems, together with burdensome administrative regulations, and frequently changing tax and accounting rules and procedures, explain why Romania's potential for attracting investment remains largely untapped and low by regional comparison. To address this situation, a "one-stop-office" for the registration of companies, and the Romanian Agency for Foreign Investments (ARIS) have been established recently, and various taxation laws have been consolidated into a single Fiscal Code. Romania has also taken further steps to capital-account convertibility. To simplify monetary transactions, a redenomination of Romania's national currency (the Leu) was introduced on 1 July 2005, dropping four zeros. Romania is a lower-middle income country, with a GDP per capita of US$2,638 in 2003 (up from US$1,585 in 1999); 25% of its population living below the poverty line. Services is the most important contributor to GDP, followed by manufacturing and agriculture. The importance of mining, quarrying and energy is limited, despite Romania's significant reserves of natural resources (e.g. crude oil, natural gas, and coal). In addition, over a quarter of Romania's land area is covered by forests, and it has about 3,500 lakes; these have facilitated significant electricity generation. Romania's export base is relatively diversified. In general, since 2000, the importance of manufactured exports has increased; while the share of food, and to a lesser extent that of mining products, has declined. Machinery and transport equipment, textiles and clothing products, and iron and steel are the main exports. About two thirds of Romania's exports go to the EC, Italy being the major single export market. Goods imports, which are dominated by machinery and transport equipment, largely originate in the EC (55.4% of total merchandise imports in 2004), led by Italy. Romania's services trade account registered a deficit of 213 million in 2004, after small surpluses during 2002-03. (2) Institutional Framework Since its previous Review, Romania's overall institutional framework for trade policy formulation has remained broadly unchanged. The Ministry of Economy and Commerce (MEC), formerly the Ministry of Industry and Commerce, continues to formulate, administer, and coordinate Romania's trade policies. Depending on the nature of the issues, the MEC consults with relevant ministries and other institutions that take part directly or indirectly in trade policy formulation and/or implementation. The views of the private sector, including NGOs, are taken into consideration throughout the process, on an ad hoc basis. Romania has been enacting and/or amending its domestic legislation on, inter alia, imports and exports, standards and technical regulations, public procurement, state aid, competition policy, intellectual property rights, mining, petroleum, natural gas, electricity, insurance, telecommunications, postal services, and transport to meet its obligations under the EC acquis communautaire and the ϲʹ Agreements. A contracting party to the GATT since 14 November 1971, Romania became an original Member of the ϲʹ on 1 January 1995. Romania is a member of the Plurilateral Agreement on Trade in Civil Aircraft, and joined the Information Technology Agreement (ITA) in 2000. It is an observer to the Plurilateral Agreement on Government Procurement (GPA). It grants at least MFN treatment to all its trading partners. Romania participates in several regional trade arrangements, among which the Europe Agreement is its priority. Accordingly, it is aligning its preferential regime progressively 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), and has bilateral free-trade agreements with countries in South East Europe, as well as with Turkey and Israel. In total, Romania provides tariff preferences to 38 partners. In addition, Romania participates in the Black Sea Economic Cooperation (BSEC). (3) Trade Policy Instruments Since its last Review, Romania has continued to liberalize its trade regime. It ceased to apply an import surcharge as from 1 January 2001, and an ASYCUDA fee at the end of 2004. Goods imported into Romania are subject to four types of duties: customs tariffs; excise duties; value-added tax (VAT); and a 0.5% customs commission, which does not apply to preferential trading partners. The tariff is Romania's main trade policy instrument; the simple average MFN tariff rate declined from 19.8% in 1999 to 17.5% in 2005. Both applied and bound tariffs are entirely ad valorem; this will change once Romania joins the EC, since it will adopt the EC common external tariff (CET). In aggregate, Romania's applied MFN tariff displays positive escalation from first-stage processed products to fully processed products. Escalation is most pronounced in food and beverages, and textiles and apparel, giving rise to relatively high effective rates of protection. The only cases where escalation is mixed, are: wood products (negative from first-stage processed goods to semi-finished products, and positive from the latter to finished goods), paper and printing, and chemicals and plastics (positive from first-stage processed products to semi-finished goods and negative from semi-finished goods to fully processed goods). To simplify and harmonize its tax system with the EC's, Romania recently modified its legislation on excise duties and VAT. Excise duties are levied on five categories of products: alcoholic beverages, tobacco products, petroleum products, electricity, and a general category of other products including jewellery, perfumes, some electronic products, coffee, and motor vehicles. Three VAT rates apply: zero, 9% (down from 11% in 2003), and the standard rate of 19% (down from 22% in 2003). Romania's import licensing system is no longer applied for the management of quantitative restrictions, goods imported as economic governmental aid, or countertrade. In general, import licences are maintained on health, sanitary, phytosanitary and environmental grounds, and under international conventions to which Romania is a signatory. Romania has also undertaken minimum access commitments through tariff quotas on 12 categories of agricultural products. However, as Romania's applied MFN tariffs have been lower in these sectors than its in-quota tariffs, it has not made use of its MFN tariff quotas. Romania has continued to promote exports, including through free zones. In addition, it has incentives programmes for direct investments with significant impact on the economy, industrial parks, disadvantaged zones, and small and medium-sized enterprises (SMEs). The incentives include duty, tax concessions, and, upon approval by the Competition Council, state aide. Investment (domestic and foreign) is also promoted at the local level. In order to increase efficiency and improve resource allocation, a reinvigorated privatization programme is in progress in many economic activities, including banking, energy, transport, and telecommunications. Nevertheless, the Government still has a direct influence on the economy, mainly through certain state-owned enterprises (SOEs), some of which are sheltered from competition and are supported by public revenue. Romania has taken steps to further align its legislation with the TRIPS Agreement and the relevant EC legislation, to improve protection of intellectual property rights (IPRs). (4) Sectoral Policies Agriculture is an important sector in the Romanian economy, contributing about 13% to GDP, and employing 31% of the labour force. Romania is implementing a 2004-25 agriculture strategy aimed at ensuring food security and self-sufficiency through, inter alia, completing the privatization of state farms; promoting rural development; and transforming small-scale agricultural farms into viable holdings. Average tariff protection in agriculture (ISIC, Revision 2, definition) is 16.2%. The limited coverage of agricultural products in Romania's preferential trade agreements delays their exposure to greater competition. Romania is rich in minerals, with the largest production of crude oil and natural gas in Central and Eastern Europe, and significant reserves of coal; it is a leading electricity producer in the region. However, outstanding arrears in mining and energy impose a big burden on the budget (almost 10% of GDP in 2003). The sector is being restructured to give private enterprises an increasingly important role, with a view to addressing the sector's inefficiencies and preparing it for EC accession. Under recent laws, the petroleum, natural gas, and electricity markets are being further liberalized. Applied MFN tariffs average 5.2% in mining and quarrying. The manufacturing sector is relatively diversified in Romania. Major industries include textiles and clothing, iron and steel, and automotive and electrical machinery, which have experienced rapid growth over the last few years. As a result, the sector's contribution to GDP increased to about 23%, and it attracted almost two thirds of Romania's FDI inflows during 1991-04. Private ownership in manufacturing has increased, mainly due to the recent acceleration in privatization. However, the sector continues to benefit from government support. Tariff protection in manufacturing averages 17.7%, with tariffs ranging up to 220% on a category of mixtures of odoriferous substances. Services is Romania's most important sector in terms of contribution to GDP (about 54%); it employs over one third of the labour force. Romania has taken measures to address some of the structural problems in the sector; notably, the financial services supervisory framework has been strengthened, and Romtelecom's monopoly in the fixed telephone market was terminated at the end of 2002. Several SOEs in the services sector have been privatized. Nevertheless, Romania's infrastructure needs to be upgraded, roads in particular. Further liberalization of services should improve the efficiency of other economic activities and the competitiveness of Romania's exports, especially by reducing costs related to financial services, telecoms, and transport. Under the General Agreement on Trade in Services, Romania made commitments in several services categories, but maintains some MFN exemptions, including in transport services. (5) Trade Policy and Trading Partners The gradual liberalization of Romania's trade regime has helped it to participate actively in the multilateral trading system. Accession to the EC by 2007 is the principal political and economic priority of the Government. By and large, the process of EC accession has improved market access opportunities for Romanian products, mainly in Europe, and particularly for industrial goods, and has supported the transition of Romania's economy from a centrally planned to a market-oriented economy. Nonetheless, Romania's trade regime should gain from further liberalization. The reduction of its MFN tariffs should facilitate its EC accession process, and further diversify its trading partners away from countries with which it is trading on a preferential basis. Moreover, Romania could improve the predictability of its trade regime by reducing the gap between its applied MFN and bound tariffs, mainly on agricultural products. To implement and enforce the widespread legislative reforms undertaken as part of Romania's accession to the EC, further strengthening of its administrative capacity is required. 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The benefits of Romania's ongoing liberalization reforms would be reinforced significantly if improved market access were provided by its MFN trading partners. 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