"If it is signed, then it will have been agreed on the timeframe, importance and direction, on the Vilnius-Kaunas connection and on the financing," Skvernelis told reporters after the Cabinet's meeting.
According to Masiulis, the Baltic countries will commit to completing the Rail Baltica project by 2025 and having the new railway operational by 2026.
"I believe it is a very significant agreement that finally puts all disputes aside and all agree on the project itself," he told reporters.
The Cabinet on Wednesday gave its political endorsement to the draft agreement between the governments of Lithuania, Latvia and Estonia on the development of Rail Baltica railway connection.
The Baltic prime ministers are expected to sign the document during their meeting in Tallinn on January 31. The agreement will then have to be approved by the parliaments of the three countries.