Profound structural changes in the new Member States in the past 15 years alongside with sub stantial progress towards the opening of markets early in the transition process (mainly through the implementation of the so-called Europe Agreements) have led to a tremendous increase in trade with the new Member States.
Since 1995, the share of the current new Member States in the EU-15 exports and imports outside the EU (so-called extra-EU exports and imports) has increased by an impressive 50% to more than 13% and almost 12%, respectively. Likewise, impressive progress has been made during the past decade in terms of financial integration.