Romania’s Schengen Accession to Boost Economy by 2% Annually

Romania's full accession to the Schengen Area is expected to boost its GDP by 2% annually, with benefits extending to Hungary’s economy, Romanian Prime Minister Marcel Ciolacu stated during a joint press conference with Hungarian Prime Minister Viktor Orban in Bucharest on Friday. The two leaders met at the Victoria Palace of Government to discuss strengthening economic ties and mutual investments, CE Report quotes Agerpres

“Almost a month ago, we celebrated a historic moment in Budapest with the agreement on Romania’s Schengen accession. Today, we are together again to honor this achievement and the friendship between our countries,” Ciolacu said, expressing gratitude for Hungary’s decisive support in achieving the Schengen goal. Romania will lift land border controls on January 1, 2025, marking a milestone for its economy and European market integration.

The discussions also focused on exploring new economic opportunities, promoting regional interests, and launching joint projects. “Hungary is one of Romania’s key trade partners, but we must work smarter to enhance economic exchanges and investments,” Ciolacu emphasized.

The leaders also addressed the need for collaboration at the EU level to boost competitiveness and discussed joint infrastructure and interconnection initiatives to support development. Additionally, they reviewed regional security developments and the future of transatlantic relations amid global challenges.

Ciolacu highlighted the stabilizing role of the Hungarian Democratic Union of Romania (UDMR) in Romania’s political landscape, describing the group as a reliable and professional partner.

This meeting underscores the strengthening partnership between Romania and Hungary as both countries aim to advance their economic and political agendas within the European Union.