OREANDA-NEWS. March 01, 2012. The talks on the creation of a Deep and Comprehensive Free Trade Area between Moldova and the European Union (DCFTA) are to be completed by autumn 2013, European Commissioner for Commerce Karel De Gucht, who is on visit to Chisinau, made this statement at a news conference today.

Karel De Gucht said that the negotiation process will unfold in a relatively short time, compared with other countries, such as Ukraine, for instance, due to the fact that Moldova is better prepared for this process, including in terms of financial indexes. Moreover, the sides are willing and ready to speed up the negotiation process. The EU official also noted that the completion of the DCFTA talks will foster Moldova's economic growth by 12 per cent.

For his part, Prime Minister Vlad Filat said that the signing of the Deep and Comprehensive Free Trade Area Agreement will open up new opportunities for Moldovan companies, including those in the Transnistrian region, which will lead to the creation of new jobs and will enhance Moldova's attractiveness for eventual investors. At the same time, the agreement will be an important step towards Moldova's EU integration, including towards the subsequent signing of the Association Agreement, the prime minister added.

The first round of talks on the Deep and Comprehensive Free Trade Area between Moldova and the European Union will be held on 18-23 March 2012.

The European Union is Moldova's top economic partner, with 49 per cent of the country's foreign trade being directed to the EU states and 43.5 per cent of its imports coming from the EU. In 2011, the Moldovan exports to the EU doubled the volume of imports. The overall trade turnover between the European Union and Moldova stands at 2.7 billion euros.