Trade Relations with the European Union – Benchmark of Romania's Economy Modernization and Convergence with European Industry

The article has the purpose to highlight quantitative, qualitative and structural changes occured in Romania's foreign trade, in general, and particularly with the European Union's member countries, analyze the contribution of competitiveness determinants- investment and innovation potential -, and outline, on this basis, the coordinates of foreseen future trade policy for Romania. Analysis of Romania's foreign trade relations with the European Union was made in terms of exports, imports, trade balance, geographic orientation, level of competitiveness measured by the determination of relevant indicators - revealed competitive advantage, relative trade balance, openness to the European market - detailed by sections of the Combined Nomenclature of foreign trade. Analysis of the two mentioned factors effects on the export potential of the manufacturing industry sectors allowed us to spotlight those with comparative and competitive advantages, both potential and actual, namely those which need to be stimulated by a clever and effective trade policy, in order to accelerate convergence process with European industry.Detailing guidelines of Romania's possible future trade policy, exercise of projective character, naturally completes analytical approach performed on the items mentioned, according to trends becoming manifest in developed countries and in world trade, in the context of globalization.