Budrys: By focusing on the most prospective markets, we will be able to more effectively help Lithuanian businesses growActivities of the Minister of Foreign AffairsEconomic[...]

On 2 April, Minister of Foreign Affairs Kęstutis Budrys chaired a meeting of the Economic Diplomacy Council - the Commission set up by the Government of the Republic of Lithuania.

On 2 April, Minister of Foreign Affairs Kęstutis Budrys chaired a meeting of the Economic Diplomacy Council - the Commission set up by the Government of the Republic of Lithuania.

During the meeting, the Economic Diplomacy Council approved the following priority markets for exports and cooperation in the field of innovation: export development - Germany, the United States, France, the United Kingdom, the Netherlands, Poland, Italy, Sweden, Denmark, Norway; Ukraine; exploratory markets - Singapore, Canada, Turkey, UAE, Australia, Japan, South Korea, India, Brazil; innovation partnerships - the Netherlands, Sweden, Germany, the United States, Switzerland, Denmark, the United Kingdom, France, Finland, Singapore, South Korea, Taiwan, Belgium, Japan, and Israel.

"The approved updated list of priority markets for export and innovation cooperation will allow us to strengthen Lithuania's economic diplomacy and international competitiveness in a more targeted manner. By focusing on the most prospective markets, we will be able to more effectively help Lithuanian businesses grow, promote high-value-added exports, and develop innovation partnerships," said Budrys.

During the meeting, Lithuania's priorities in negotiating free trade agreements were also outlined, and the latest information was presented on the EU's free trade agreements with MERCOSUR, Australia, India, and the countries of the Indo-Pacific region, as well as trade relations with the United States.

"In the current geopolitical situation, market diversification, economic security, and enhancing competitiveness are among Lithuania's top priorities," said Budrys.

The Ministry of the Economy and Innovation, together with the Innovation Agency, having assessed market analysis and the needs of the business community, submitted a proposal to update the list of priority markets for export and innovation cooperation, which was approved by the Economic Diplomacy Council during its meeting.

"Clearly defined priority markets allow us to act in a more focused and effective manner-concentrating resources where the greatest growth and export opportunities for Lithuanian businesses lie. At the same time, we maintain the flexibility to respond to new opportunities in other markets, ensuring balanced and sustainable export growth," said Minister of the Economy and Innovation Edvinas Grikšas.

The Council, which has been operating since 2013, includes Ministers from relevant Ministries and heads of business organizations. The Council submits proposals to the Government in the field of economic diplomacy regarding the establishment of priority directions for Lithuania's economic foreign policy, improving the system for representing Lithuania's economic interests abroad, and assessing the necessity and priority of representing Lithuania's economic interests in specific countries or regions.