Capitalizing on the Advantages of Romania’s Access to European Single Market for Services
|
|
|
| Authors: |
|
| Pages: | 54 : 65 |
| Abstract: | In recent decades, services have emerged as an important sector of European economies, with a considerable contribution to the processes of their economic integration. The paper aims to highlight the development of the service sector in Romania after accession to the European Union (EU), from the perspective of its participation in the single market for services, namely the way in which it has managed to capitalize on the advantages of access to the service markets of member countries. This research relies on data from Eurostat, World Bank, and National Bank of Romania, employing relevant indicators to emphasis the main characteristics of service sector and trade in services in Romania. The analysis is focused on how the Romanian service providers capitalize on the advantages of the single market for services. The results identify the major role of multinational companies investing in Romania, fuelling the specialisation in many areas of performant services, mainly in the business professional services area, contributing to Romanian trade in services. The strength of the paper lies in identifying the advantages, but also disadvantages for service consumers, service providers, individuals and companies, but also for the national economy of Romania of the participation to the single market for services. The research conclusions highlight that Romania has reaped the benefits of EU integration, with trade flows in services with EU partners being dominant, confirming the role of the single market for services as a pillar of the EU economy, with Romania succeeding in capitalising on the advantages of the free access to EU service market with important impact on entire economy. |
| JEL classification: | F13, F15, F23, F43, L8, O24 |
|
|
F13, F15, F23, F43, L8, O24
