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Ukrainian and Lithuanian businessmen will develop bilateral cooperation in the context of a free trade area between Ukraine and the European Union (EU). The issue was discussed during a seminar entitled "Opportunities and Prospects of Business Relations between Ukraine and Europe" which was held by experts from the Lithuanian Confederation of Industrialists at the Ukrainian League of Industrialists and Entrepreneurs (ULIE).
This was the first event as part of the Eastern Partnership educational project organized by the Lithuanian Foreign Ministry for Ukrainian non-governmental organizations of industrialists and entrepreneurs. The project is being implemented as part of the cooperation between the ULIE and the Lithuanian Confederation of Industrialists as well as successful cooperation between the Ukrainian-Lithuanian and Lithuanian-Ukrainian business councils.
Deputy Director General of the Lithuanian Confederation of Industrialists Gintaras Morkis said that positive and practical results of cooperation with the ULIE within bilateral business councils pushes Lithuanian politicians and businessmen towards further active cooperation with Ukraine, contributing to its integration with the EU, and sharing their experience on advantages and risks on this way.
ULIE President Anatoliy Kinakh stressed that the latter was very important. He added that Ukraine was facing very serious tasks before the full launch of a free trade area with the EU. They include the streamlining of domestic products with the EU technical regulations, safety and quality standards, diversification of export from eastern to western markets or markets of third countries.
"We appreciate cooperation with our European partners and their support for our European integration. At the same time, we have to resolve many problems on our own. I mean the development of the business environment in the country, which includes raising the population's ability to pay, industrial policy development, support for small- and medium-sized businesses which ensure economic stability in the country," Kinakh said.
He also informed his Lithuanian colleagues and participants of the event about active the work of Ukrainian industrialists and entrepreneurs establishing fruitful contacts and cooperation with European partners. Kinakh mentioned that the ULIE and the Confederation of European Business (BUSINESSEUROPE), the leading business lobby group in the EU, were to sign a memorandum of cooperation in Brussels on December 8, 2015. He also said that a large conference entitled "European Parliament – Ukrainian Civil Society" was scheduled for December in the capital of Belgium.
The Lithuanian side told the Ukrainian participants of the seminar about the economic significance of the free trade area, its advantages for both sides, and some risks and mechanisms to avoid them. Director of Foreign Relations Department at the Lithuanian Confederation of Industrialists Aleksandr Izgorodin said that, according to various forecasts, Ukrainian exporters could save up to EUR 500 million per annum due to the cancellation of customs duties. A total of 97% products that are to be exported from Ukraine to the EU fall into this category. The free trade area will help to increase Ukraine's GDP by 6.2% in the long term outlook.
The sides decided to continue the seminar – Ukrainian industrialists and entrepreneurs were invited to Vilnius at the end of the year. The seminar will be held as part of a Lithuanian-Ukrainian business forum with the participation of both countries' presidents and EU representatives.
In addition, the ULIE and Lithuanian Confederation of Industrialists preliminarily discussed future bilateral business meetings.
Reference information: The Lithuanian Confederation of Industrialists is an independent organization which represents the interests of transparent business in the country. It includes 44 trade and nine regional associations of various enterprises, industrial facilities, research and development institutions, education establishments, etc. The Lithuanian Confederation of Industrialists is a member of the European Economic and Social Committee and BUSINESSEUROPE association.