(Last updated: 26 Mar 2012)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Romania. This is regularly updated, and should be checked before planning travel.

Country facts

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

Romania joined the European Union in January 2007, but is being monitored by the European Commission to ensure that it meets its membership obligations in crucial areas.

Policy will focus on the remaining large privatisations, restructuring the energy sector and investing in health, education and infrastructure.

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

Romania's transition to a market economy has been protracted and painful. The legacy of the communist regime, extreme centralisation, a high degree of bureaucracy, and no experience of partial reforms such as those undertaken in other Central European economies during the 1980s, left Romania with one of the longest paths toward a market economy.

Romania is a constitutional republic with a multi-party parliamentary system. Parliament includes a 345-member Chamber of Deputies and a 140-member Senate, representing 41 counties plus Bucharest municipality. The President is elected by universal suffrage and has responsibility for foreign and security affairs. The president designates a candidate for prime minister following consultations with the political parties represented in parliament. The designated prime minister, his cabinet, and their governing program must be approved by parliament before taking office.

Trade relations and statistics

Romania became a full member of the European Union (EU) starting 1 January 2007. EU membership has been the main goal of every Romanian Government, after 1989.

Since 1st of January 2007, Romania has to apply the EU common trade policy ('Common Commercial Policy'). EU acts as one single actor (including WTO matters) where the European Commission negotiates trade agreements and represents the European interests on behalf of the Union's 27 member states.

Romania became an associate member of the European Union (EU) and European Free Trade Association (EFTA) in 1993. In December 1999, the European Council invited Romania and five other countries to become candidate states to accession to the European Union and to start negotiations for EU membership. Romania's current foreign trade policy aims at the country's integration into Western markets.

As a founding member of the World Trade Organization, Romania has ratified most codes of the Tokyo Round, and has been an active participant in the Uruguay Round. Romania is also a member of the United Nations (UN) and became full member of NATO as from 2 April 2004.

Romania is a party to many multi and bilateral international conventions, treaties and agreements in various aspects of international relationships including economic cooperation, human rights, environmental protection, and disarmament.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.