Romania joined the European Free Trade Association (EFTA) in December 1992 and signed an association agreement with the European Union early in 1993, which provided for Romania to adapt to EU economic-commercial standards over a 10-year period. Under an interim collaborative agreement effective 1 May 1993, a revised Romanian import tariff schedule was introduced with preferential tariffs for imports from EU and EFTA member nations. Customs duties range from 0% to 60%, with a weighted average of 11.7%. Duties are higher for cigarettes (60%) and audio and video equipment (42%). Tariff rates are on an ad valorem basis. There is also a value-added tax (VAT) of 19% levied on almost all goods.