They also agreed to move to free businesses to create jobs, and create an environment of less regulation and more innovation.
Meeting in Downing Street, the Prime Minister said Britain and Romania are natural partners, with shared interests on many of the most important issues
We agreed today that it is time we realise the full potential of this partnership,” Mr Cameron said.
In a joint statement, the PM and President said they have agreed to act together to reduce barriers to business, promote the growing trade between the two countries, and support business links, especially in infrastructure, energy, tourism, and new technologies.
The leaders also discussed European expansion and agreed that the offer of an ‘EU future is vital for stability and reform in Europe’s neighbourhood’.
We want to see the countries of the Western Balkans, Turkey and Moldova move towards EU membership.
Finally, the PM said that Britain and Romania are standing side by side in Afghanistan and Libya.
Mr Cameron and President Băsescu agreed that there has been real progress in Libya in recent weeks, helping to protect the people in Benghazi, in Misrata and elsewhere.
But we cannot rest while civilians remain daily under fire.