Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...

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. In terms of existence of a legal framework for business transactions and the enforcement of the law and the quality of corporate governance law, there are wide disparities between countries in the region. Moldova is the only country in the region which does not have a competition policy enforcement organisation. The quality of insolvency laws is considered by the EBRD to be very low in Azerbaijan, Georgia and Ukraine, but high (equal to OECD country standards such as Turkey or Greece) for Albania, Bulgaria, Moldova, Romania and Serbia. The transactions law of some countries in the region is considered to be equal to that of a standard OECD country (Albania, Bulgaria and Romania). Moldova, Serbia and Ukraine have a functioning transactions law but this does not fully cover the spectrum of areas to make it compatible with an OECD country. Meanwhile, Armenia, Azerbaijan, Georgia and Russia have a malfunctioning transactions law. Finally, the quality of corporate governance law is considered high in just Armenia, Moldova and Russia, while being low in Azerbaijan, Georgia, Romania and Ukraine. A summary of these indicators is given in Table 19. Table 19. Legal framework in transition economies Existence of a Competition office Quality of insolvency law Secured transactions law Quality of corporate governance law Albania high advanced medium Armenia medium malfunctioning high Azerbaijan low malfunctioning very low Bulgaria high advanced medium Georgia low malfunctioning low Moldova high some defects high Romania high advanced low Russia medium malfunctioning high Serbia high some defects medium Ukraine very low some defects very low Source: EBRD Transition Report 2006 The depth of economic reform in BSEC countries is best reflected by a series of indicators on the scale of privatisation and enterprise restructuring, independence of monetary policy and elimination of price fixing, foreign exchange liberalisation and strength of competition policy. The EBRD compiles a series of transition indicators which capture these elements of economic and trade policy reforms, which are summarised in Table 20. 62/135
Both small scale and large scale privatisation has been undertaken in many countries of the BSEC, presenting significant opportunities for investment and a more competitive trading environment. Nevertheless, Azerbaijan, Serbia, Albania, Russia and Ukraine have significant reforms still pending in this area. The restructuring of enterprises in most BSEC countries remains quite weak, particularly in the cases of Azerbaijan, Moldova, Montenegro and Ukraine. Competition policy remains weakly implemented by countries that even have a competition office. Montenegro, Serbia, Azerbaijan, Georgia and Moldova have particularly weak legislation in this regard. In terms of price liberalisation, all countries have made significant strides to undertake reforms and price liberalisation is considered to be extremely advanced across BSEC. The foreign exchange rate has been fully liberalised and made convertible in all countries except in Montenegro, Russia, Serbia and Ukraine where restrictions still apply. Overall, the institutional and legal framework governing economic, trade and competition policy has dramatically improved and has created a more enabling environment for investment. In particular, Albania, Bulgaria, Greece, Moldova, Romania, and Turkey have implemented a number of reforms which make these countries particularly interesting environments in which to invest. Table 20. Transition Indicators Large scale privatisation Small scale privatisation Enterprise restructuring Price liberalisation Trade & Forex system Competition Policy Albania 3.00 4.00 2.33 4.33 4.33 2.00 Armenia 3.67 4.00 2.33 4.33 4.33 2.33 Azerbaijan 2.00 3.67 2.00 4.00 4.00 2.00 Bulgaria 4.00 4.00 2.67 4.33 4.33 2.67 Georgia 3.67 4.00 2.33 4.33 4.33 2.00 Moldova 3.00 3.67 2.00 4.00 4.33 2.00 Montenegro 3.33 3.00 2.00 4.00 3.33 1.00 Romania 3.67 3.67 2.67 4.33 4.33 2.67 Russia 3.00 4.00 2.33 4.00 3.33 2.33 Serbia 2.67 3.67 2.33 4.00 3.33 1.67 Ukraine 3.00 4.00 2.00 4.00 3.67 2.33 Note: Scores range from 1 to 4+, where 1 denotes weak market economic environment or lack of legislation and 4 denoting performance commensurate with a typical advanced industrialised economy. See Annex 3 for more explanations on the methodology Source: EBRD Transition Report 2006 63/135
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Black Sea Economic Cooperation: Stu
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. Table of Contents Abbreviations .
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. Table 15d. Greece’s Commitments
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. Abbreviations BSEC EBRD EU EUROST
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. econometric model, referred to as
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. In this regard, travel services h
Page 14 and 15: . stock and foreign affiliates acti
Page 16 and 17: Current account balance (% of GDP)
Page 18 and 19: % of GDP . The dynamism of the priv
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Page 28 and 29: . II.1.3 Intra-industry trade betwe
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Page 34 and 35: . Table 11. Twenty five products wi
Page 36 and 37: . Wood and wood products, in parti
Page 38 and 39: . Metal products, in particular HS
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Page 42 and 43: . II.4. Services With the exception
Page 44 and 45: . Table 13. Performance of trade in
Page 46 and 47: . Table 14a. Indicative Service Exp
Page 48 and 49: . Table 14e. Indicative Service Exp
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Page 54 and 55: . Table 15b. Armenia’s Commitment
Page 56 and 57: . Table 15d. Greece’s Commitments
Page 58 and 59: . Table 15f. Turkey’s Commitments
Page 60 and 61: . Other commercial services (which
Page 62 and 63: . Table 16 Foreign direct investmen
Page 66 and 67: . III.3. Sectoral opportunities BSE
Page 68 and 69: . service sector (retail, business
Page 70 and 71: . Table 23b. FDI in Bulgaria (2005)
Page 72 and 73: . Table 23d. FDI in Romania (2005)
Page 74 and 75: . Table 23f. FDI in Turkey (2005) I
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Page 80 and 81: . Egger, P. (2002), An Econometric
Page 82 and 83: . World Bank (2005), Trade, Transp
Page 84 and 85: . Annex 1. Trade Indicators 82/135
Page 86 and 87: . Table A2. Major Import Partners f
Page 88 and 89: . Table A4. Major Import by Product
Page 90 and 91: Albania Armenia Azerbaijan Bulgaria
Page 92 and 93: . HS Description ALB ARM AZE BGR GE
Page 94 and 95: . Table A7 Trade intensity in BSEC
Page 96 and 97: . HS Description ALB ARM AZE BGR GE
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Page 100 and 101: . Annex 2.3. Results of Gravity Equ
Page 102 and 103: . Georgia Sector / Exports to ALB A
Page 104 and 105: . Russia Sector / Exports to ALB AR
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. Note: Excludes energy and tobacco
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