Lithua­nia to rat­ify Eu-canada trade pact

The Baltic Times - - COMMENTARY - BNS/TBT Staff

Lithua­nia is pre­par­ing for rat­i­fi­ca­tion of the Com­pre­hen­sive Eco­nomic and Trade Agree­ment (CETA) signed be­tween the Euro­pean Union and Canada last Oc­to­ber.

On Wed­nes­day, May 17, the gov­ern­ment ap­proved the draft res­o­lu­tion pre­pared by the For­eign Min­istry, ask­ing Pres­i­dent Dalia Gry­bauskaite to sub­mit the doc­u­ment 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.

Mean­while, crit­ics fear that en­force­ment of the pact will cause the Lithua­nian mar­ket to be filled with cheaper and ge­net­i­cally mod­i­fied prod­ucts.

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

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