Romania’s Trade Industry

After the modernization of the Romanian economy, the country experienced a significant surge in both international trade and commercial contracts with over 100 nations. It signed a trade deal in 1980, becoming the first member of the Council for Mutual Economic Assistance (COMECON) to negotiate independently with the European Economic Community (EEC). After COMECON disbanded in 1991, Romania started to make more efforts to widen trade with less-developed countries and not just the Western nations.

Romania has significant economic potential, thanks to its diverse energy sources ranging from coal to oil and 10 million hectares of agricultural land. In fact, in 2022, it ranked 36 in total imports and 41 in total exports.

Currently, its main exports include clothing and textiles (which account for over one-fifth of exports), metallurgic products, agricultural and food products, alcoholic drinks, oil, metals, electronic and electrical equipment, insulated wire, pharmaceuticals, wood products, and industrial machinery. It exports mostly to countries like Germany ($17.3 billion), Italy ($8.17 billion), France ($5.17 billion), Hungary ($3.32 billion), and the UK ($2.83 billion).

On the other hand, its top imports consist of mostly chemical items, textiles, cars, machinery and electrical equipment, vehicle parts, packaged medicaments, foodstuffs, and insulated wire. Romania imports mostly from Germany ($18.4 billion), Italy ($8.75 billion), Hungary ($6.21 billion), Poland ($5.66 billion), and China ($4.92 billion).

Romania also has trade associations like the Chamber of Commerce and Industry of Romania (CCIR), Chamber of Commerce, Industry, Navigation and Agriculture Constanta County (CCINA), Federation of Light Industry (FEPAIUS), and National Research and Development Institute for Textile and Leather (INCDTP) to develop and promote various commercial and industrial opportunities in the country. However, its most powerful business association would most likely be the CCIR. 

What is the Chamber of Commerce and Industry of Romania (CCIR)?

The Romanian Chamber of Commerce and Industry (CCIR) is an autonomous non-governmental organization promoting Romanian trade and industries in order to represent the interests of Romanian traders and the economic environment. It brings together 42 country chambers of commerce and industry, along with other bilateral chambers of commerce like branch professional associations and companies. 

It also has enough experience and both national and international connections to provide a variety of services to businesses. These range from seminars, training programs, economic missions, and providing valuable information from its databases to general economic information and statistics studies.

The CCIR's Mission, Vision, and Values

The organization is committed to creating “a thriving business community” that can foster entrepreneurship, strengthen business competitiveness, and attract more investments. Its vision is to become one of the most influential associative organizations while providing added value to its members and becoming an important voice of the economic environment within the political, legislative, and mass-media environment.

Moreover, it also prioritizes consultation and collaboration, creativity, honesty, transparency, responsibility, maintaining top-quality standards, working on high-value projects, and leadership. 

Members and Main Activities

Some of its main activities include sharing business interests and experiences, protecting business interests, contacting governments and the local media and press, promoting fair competition, and organizing events and trade shows. Thus, collaborating with CCIR will benefit any Romanian or foreign company that wants to operate in the domestic or foreign market or join the European Union (EU).

The CCIR’s members consist of international and local operating companies like import and export businesses, manufacturing companies, airlines, banks, IT and electronics manufacturers, tourism companies, property developers, lawyers, finance companies, legal advisors, and more. 

Timeline of the CCIR’s Key Highlights:

1990 - The Romanian Chamber of Commerce and Industry is found 

1991 - Romexpo SA, a trading company specializing in the organization of exhibitions and fairs in which CCIR is a shareholder, is created

1992 - The Romanian Business School Foundation is established

1993 - CCIR holds the first edition of the National TOP of Companies

1994 - The Association of the Balkan Chambers of Commerce is founded by the CCIR and other chambers of commerce from the Balkans

1996 – CCIR changes its name in The Chamber of Commerce and Industry of Romania and Bucharest

1998 - CCIR inaugurates its headquarters in Bulevardul Octavian Goga 2, București 030982, Romania

2002 - The Trade Registry transfers to the Ministry of Justice

2005 - The Bucharest Chamber of Commerce and Industry become legal entities and separate from the Chamber of Commerce and Industry of Romania