"This agreement will allow Lithuanian exporters to save over 1 million euros in duties. The significant elimination of regulatory barriers will facilitate exports of Lithuanian goods to Canada and it is especially beneficial for small and medium enterprises. Currently around 150 Lithuanian companies export to Canada, with as many as 80 percent of being small or medium", according to a statement issued by the presidential office.
The EU-Canada trade agreement will eliminate 99 percent of duties and other trade barriers, promote investments, open the Canadian service and public procurement markets to businesses from Lithuania and other EU states and will contribute to the creation of jobs and growth in Lithuania.
The Seimas of Lithuania ratified the agreement on Tuesday, making Lithuania the 9th EU member state to have ratified this one of the largest free trade agreements the EU has ever reached.