The members of this subregional cooperation are economically very heterogeneous; Trade policy instruments are too different, WTO membership is not yet a common feature, as is the type of economic cooperation with other European regions. In view of this extreme diversity, some results are recorded: institutional cooperation both at parliamentary level and at the level of the business environment; The BSEC Trade and Development Bank is expected to be operational shortly. All this represents real progress towards economic cooperation in the Subregional Black Sea region. Romania`s transformation into a market economy began in December 1989 in a very difficult economic, social and political context, with little history of market-based economic reforms. The regime, in power throughout the post-war period, nationalized land and industry and introduced strict central control of economic decisions. At the time of its first trade policy review in December 1992, Romania faced a severe recession and had to face the beginning of a balance of payments crisis, caused in part by the collapse of trade in the Council for Mutual Economic Assistance (CMEA). However, offshoring to the private sector began when Romania liberalized trade, prices and the exchange rate. Romania had also laid the regulatory foundations for a market economy, granted open and liberal access to foreign investors, and had begun to restructure state-owned enterprises. 22. Customs policy, which is one of the main components of trade policy, can influence international trade. For this reason, special attention has been paid to the continuous improvement of customs legislation and activities.
The customs system has made clear progress and is being relocated from manual processing of customs operations to electronic processing in mid-1998. . . .