Baltic States – CIS, EU – Baltic States, Forum, Lithuania, Markets and Companies, Ukraine

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The Forum will also present EU support measures for Ukrainian industry and business.

The Lithuanian President emphasized that in the face of aggression it was vitally important for Ukraine to end its economic dependence on Russia, re-orient its trade towards the West and to successfully integrate into the European and global economic area.

“Lithuania and Ukraine are close countries. Our people share a strong spirit of friendship and freedom. We regard Ukraine as an important economic partner of Lithuania. We want to see your country as a successful actor in the European economic area and in the global market. This requires to proceed on the path of ambitious reforms towards building an open and transparent state of Ukraine. European values and new ethical standards must be a recipe for success for Ukrainian business,” the President said.

According to Dalia Grybauskaite, targeted implementation of the EU-Ukraine Free Trade Agreement, which is to come into force on 1 January 2016, will help modernize Ukraine’s economy, provide Ukraine with opportunities to adopt the best practices of European business and approximate Ukraine’s legal acts to EU norms and standards, all of which will attract foreign investments and open up new markets.

After the trade agreement comes into effect, 99% of customs duties in mutual trade will be removed, which will help Ukrainian exporters to save 487 million euros per year.

The Lithuanian President pointed out that Lithuania could open the door for Ukrainian business to the European market. Our country, which has recently gone through the eurointegration process itself, is open and ready to help Ukraine by sharing its experience and knowledge. The European Union is already Ukraine’s biggest trade partner – trade with the EU accounts for one third of Ukrainian trade.

Lithuania also helps strengthen Ukraine’s administrative capacities in legislative, agricultural, infrastructural, and veterinary procedures. Concrete projects are developed specially for Ukraine.

The Forum gathered representatives from Lithuanian and Ukrainian energy, engineering, industry, logistics and transport, IT, chemical, and food companies.

Lithuania and Ukraine share strong trade ties. Last year, trade turnover exceeded one billion euros. Our country is actively investing in Ukraine – Lithuanian investments have already exceeded 50 million euros. Lithuania has also become an increasingly popular tourist destination among Ukrainians. Over the last year, the number of Ukrainian tourists increased by 65%, ranking Ukraine 7th in terms tourists coming to Lithuania.