The business communities of Ukraine and Lithuania will deepen their cooperation with the launch of a free trade area between Ukraine and the EU. Lithuanian political and business circles seek to actively cooperate with Ukraine to contribute to its further integration into the EU and share their experience on the benefits and risks along this way. These issues were on the agenda of a workshop entitled “Opportunities and Prospects of Business Relations between Ukraine and Europe,” which was organized by experts from the Lithuanian Confederation of Industrialists in the Ukrainian capital of Kyiv.
The event was the first to be held under an Eastern Partnership educational project, which was organized by the Ministry of Foreign Affairs of Lithuania for NGOs of industrialists and entrepreneurs of Ukraine. The project is being implemented thanks to cooperation between the Ukrainian League of Industrialists and Entrepreneurs and the Lithuanian Confederation of Industrialists, and bilateral business councils.
The Lithuanians informed the participants in the workshop who represent the local business community about the economic importance of the free trade zone, its benefits for both parties, as well as about certain risks and the tools to avoid them. Thus, according to various forecasts, the Ukrainian exporters will be able to save up to EUR 500 million per year due to the cancellation of customs tariffs. These incentives concern 97% of all planned exports from Ukraine to the EU.
Deputy Director-General of the Lithuanian Confederation of Industrialists Gintaras Morkis forecasts that Ukraine’s GDP may grow by 6.2% in the long-term outlook due to the free trade zone with the EU.
The Ukrainian side noted that the country is currently facing a very important task of adapting national products to technical regulations, as well as safety and quality standards adopted by the EU. Another task is the diversification of exports.
Ukrainian industrialists and entrepreneurs continue to build up their contacts with European partners. Thus, on December 8, a Memorandum of Cooperation between the Ukrainian League of Industrialists and Entrepreneurs and BUSINESSEUROPE, the most powerful structure to support and protect the interests of businesses in the EU, is to be signed in Brussels. What is more, the Belgian capital will host a large-scale conference entitled “The European Parliament is the Civil Society of Ukraine. The educational workshop, organized by the Lithuanian side, will continue as Ukrainian industrialists and entrepreneurs have been invited to Vilnius late this year. There will be an event as part of the First Lithuanian-Ukrainian economic forum, which will be attended by the presidents of both countries and representatives of EU institutions.
The Lithuanian Confederation of Industrialists is an independent organization that represents the interests of transparent business in that country. It unites 44 industrial and 9 regional associations of enterprises of different area of expertise ‒ industrial structures, research and development institutions, educational establishments, and others. It is represented at the European Economic and Social Committee and is a BUSINESSEUROPE member.
