The coming eastward enlargement of the EU has not prompted much debate about its external economic implications, quite in contrast to the fierce debates which accompanied previous enlargements. This article discusses the main economic effects of the CEECs' move from “association” to EU membership, and in particular the external impacts with respect to agriculture, industry and FDI. It also deals with the somewhat sensitive subject of US-CEEC bilateral investment treaties, as well as the prospects for catch-up growth by the accession countries.