The "Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and the Republic of Moldova, of the other part" was signed on 27 June 2014 and has been in full effect since July 2016.
This agreement, which replaces the Partnership and Cooperation Agreement, is designed to provide a clear framework for strengthening bilateral cooperation between Moldova and the EU at both the political and the economic level. The Association Agreement provides for interparliamentary cooperation through the establishment of the EU-Moldova Parliamentary Association Committee (PAC).
Since the Agreement's provisional application since September 2014, Moldova has benefitted from a Deep and Comprehensive Free Trade Area (DCFTA) with the EU. This preferential trade system has allowed Moldova to benefit from reduced or eliminated tariffs for its goods, an increased services market and better investment conditions.