TABLE OF CONTENTS

I.    Commercial Overview                               4
        Overview of Import Market
        Synopsis of Commercial Environment
        Romanian Business Attitude Toward the U.S.
        Major Business Opportunities
        -  Sectors
        -  Major Projects
        -  Market Openings
        Major Obstacles to Doing Business
        Nature of Local and Third-Country Competition

II.   Leading Trade Prospects for U.S. Business        11
        A.  Industrial Sector Best Prospects
        B.  Agricultural Sector Best Prospects

III.  Economic Trends and Outlook                      12
        Major Trends and Outlook
        Principal Growth Sectors
        -  Power Sector
        -  Petroleum
        -  Natural Gas
        -  Mining Industry
        -  Iron and Steel
        -  Manufacturing
        -  Services sector
        -  Tourism
        Government Role in the Economy
        Balance of Payments Situation
        Trade and Investment Barriers
        Labor Force
        Major Local and Third-Country Competitors in
        Specific Sectors
        Infrastructure Situation Regarding Goods/Service
        Distribution
        Major Infrastructure Projects Underway

IV.   Political Environment                            35
        Nature of Bilateral Relationship with the
        United States
        Major Political Issues Affecting Business Climate
        Orientation of Major Political Parties

V.    Marketing U.S. Products and Services             39
        Distribution and Sales Channels
        Use of Agents/Distributors; Finding a Partner
        Franchising
        Direct Marketing
        Joint Ventures/Licensing
        Steps to Establishing an Office
        Selling Factors/Techniques
        Advertising and Trade Promotion
        Pricing Product
        Sales Service/Customer Support
        Selling to the Government
        Protecting Your Product from IPR Infringement
        Need for a Local Attorney

VI.   Trade Regulations and Standards                  51
        Tariffs and Import Taxes
        Customs Valuation
        Import Licenses
        Export Controls
        Import/Export Documentation
        Temporary Entry
        Labeling, Marketing Requirements
        Prohibited Imports
        Standards
        Free Trade Zones/Warehouses
        Special Import Provisions
        Membership in Free Trade Arrangements

VII.  Investment Climate                               56
        Openness to Foreign Investment
        Conversion and Transfer Policies
        Expropriation and Compensation
        Dispute Settlement
        Right to Private Ownership and Establishment
        Protection of Property Rights
        Capital Markets and Portfolio Investment
        Bilateral Investment Agreements
        Investment Insurance Programs
        Foreign Direct Investment Statistics

VIII. Trade and Project Financing                      63
        Description of Banking System
        Foreign Exchange Controls Affecting Trading
        General Financing Availability
        Export Financing and Insurance/Methods of Payment
        Project Financing
        Banks with Correspondent U.S. Banking Arrangements

IX.   Business Travel                                  71
        Business Customs
        Travel Advisory and Visas
        Holidays
        Business Infrastructure

Appendices:

      A. Country Data                                  74
      B. Best Prospect Sectors for U.S. Exporters      76
         to Romania
      C. U.S. and Romanian Contacts                    86
      D. Market Research                               98
      E. Trade Event Schedule                          99