Moldova and Italy will sign a new Intergovernmental Agreement on the promotion and mutual protection of investments

Moldovan Cabinet of Ministers approved the decision to begin negotiations on a draft agreement between the governments of the two countries. The document contains 17 articles and establishes the basic legal principles aimed at strengthening investment relations and enhancing bilateral economic dialogue between the two countries. As the Minister of Economy and Infrastructure of Moldova, Chiril Gaburici, noted, the draft agreement was handed over to Moldova by the Italian side. The need for signing the document is due to the fact that the Agreement on the promotion and mutual protection of investments, concluded between Italy and Moldova on July 19, 1997, expired on August 26, 2016 and cannot be extended. In this context, the parties initiate negotiations to sign a new agreement. The Ministry of Economy and Infrastructure will be the body responsible for conducting the negotiation process, which will be held through diplomatic channels. The new agreement is planned to be concluded for a period of 10 years. It is provided for its automatic extension for 5 years in the absence of parties’ objection.