 Romania formally joined the EU in 2007.During the later part of the Ceauşescu period, Romania had earned significant contracts from several developing countries, notably Iraq, for oil-related projects.In August 2005 Romania agreed to forgive 43% of the US$1.7 billion debt owed by an Iraq still largely occupied by the military forces of the U.S.-led "Coalition of the Willing", making Romania the first country outside of the Paris Club of wealthy creditor nations to forgive Iraqi debts.