economic history
- 3
Financial and technical assistance continued to flow in from the U.S., European Union,
other industrial nations, and international financial institutions facilitating Romania's
reintegration into the world economy. The International Monetary Fund (IMF), World Bank (IBRD),
the European Bank for Reconstruction and Development (EBRD), and the U.S. Agency for International
Development (USAID) all had programs and resident representatives in Romania. Romania also attracted
foreign direct investment, which in 1997 rose to $2.5 billion.
Romania was the largest U.S. trading partner in Eastern Europe until Ceausescu's 1988 renunciation of
Most Favored Nation (non-discriminatory) trading status resulted in high U.S. tariffs on Romanian products.
Congress approved restoration of MFN status effective 8 November 1993, as part of a new bilateral trade agreement.
Tariffs on most Romanian products dropped to zero in February 1994 with the inclusion of Romania in the
Generalised System of Preferences (GSP).
Romania signed an Association Agreement with the EU in 1992 and a free trade agreement with the European Free
Trade Association (EFTA) in 1993, codifying Romania's access to European markets and creating the basic framework
for further economic integration. At its Helsinki Summit in December 1999, the European Union invited Romania to
formally begin accession negotiations. In 2002, the target date of 2007 was set for Romania, along with Bulgaria,
for its accession efforts. This was confirmed in 2003 at the Thessaloniki Summit and then in early 2005 Romania and
Bulgaria signed the adherence treaty to EU. They formally joined the EU on January 1, 2007.
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