Lithuania set to ratify EU-Canada free trade agreement

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Lithuania is readying to ratify the Comprehensive Economic and Trade Agreement (CETA) signed between the European Union (EU) and Canada last October.

The Foreign Ministry drafted a governmental resolution, which will ask President Dalia Grybauskaitė to submit the deal for parliamentary ratification.

According to the ministry, the document will facilitate the access of Lithuanian goods and services to the Canadian market known for high purchasing power and will enable Lithuanian companies to take part in public procurement tenders in Canada.

Diplomats say the agreement will allow significantly improving trade conditions, raise the exports of Lithuanian companies to Canada and contribute to creation of new jobs and economic growth in Lithuania. Significant improvement of trade conditions on the Canadian market will particularly benefit small- and medium-sized businesses.

According to data provided by the Foreign Ministry, Lithuanian exporters will save more than 1 million euros in customs duties per year due to customs liberalization envisaged in CETA alone. The agreement will allow exporting goods produced by Lithuanian companies to Canada without imports duties, trim procedures on the border and diminishing regulation obstacles.

The Comprehensive Economic and Trade Agreement will eliminate 99 percent of customs duties between the EU and Canada.

Canada's Prime Minister Justin Trudeau and EU leaders signed CETA on October 30 last year.

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