The European Union (EU) and Moldova partnered to sign the Partnership and Cooperation Agreement (PCA) in 1998. This agreement aims to enhance the political and economic relationship between the EU and Moldova by promoting stability, economic growth, and democratic reforms.
The PCA covers a wide range of areas, including trade, investments, human rights, energy, environment, and justice. The agreement also provides for the establishment of joint committees to ensure effective communication and cooperation between the EU and Moldova.
One of the main benefits of the PCA for Moldova is its access to the European Single Market. This allows Moldovan businesses to sell their products and services to the EU with little or no tariffs and provides them with access to a market of over 500 million consumers. This agreement has helped to boost Moldova`s economy and create jobs.
The PCA also includes provisions to promote political dialogue and respect for human rights. Moldova has made significant progress in these areas since signing the agreement, including the adoption of laws on anti-discrimination and the protection of minority rights.
Furthermore, the PCA aims to support Moldova`s efforts to combat corruption and strengthen the rule of law. The EU provides technical assistance and financial support to help Moldova implement reforms in these areas.
In 2014, the EU and Moldova signed an Association Agreement, which builds on the foundations of the PCA. The Association Agreement includes a Deep and Comprehensive Free Trade Area (DCFTA), which provides for the gradual harmonization of Moldova`s laws and regulations with those of the EU. The DCFTA aims to promote trade between the EU and Moldova and strengthen Moldova`s economy.
In conclusion, the Partnership and Cooperation Agreement between the EU and Moldova has helped to strengthen the political and economic relationship between the two sides. The agreement has provided Moldova with access to the European Single Market, promoted political dialogue and respect for human rights, and supported Moldova`s efforts to combat corruption and strengthen the rule of law. The EU and Moldova will continue to work together to deepen their relationship and promote stability, economic growth, and democratic reforms.