Baltic States – CIS, Ecology, Energy, Innovations, Latvia, Technology, Transport

The EU-Russia modernization partnership was initiated during the 25th EU-Russia Summit on May 31, 2010. Latvia, as a member state of the EU, has supported the initiative. Russia has already signed declarations on modernization partnership with many EU member states (Denmark, Cyprus, Slovenia, Germany, Spain, Italy, Poland, Belgium, France, Finland, Hungary, Slovakia, Bulgaria, and Sweden), therefore Latvia has also decided to sign the declaration, reports LETA.

According to the declaration, Latvia and Russia admit the significant impact of continuous modernization on successful functioning of both countries' economies, emphasizing cooperation in innovative developments, and development of new, environmentally-friendly technology that would also improve the quality of people's lives.

Latvia and Russia resolve to cooperate and facilitate mutual investments in innovation technology, development of competitive, up-to-date products and their promotion on the markets. Both countries will also support implementation of investment projects, and develop the corresponding legal foundation.

The sides agree on the importance of Russia's participation in the World Trade Organization, diversifying and modernizing the country's economy.

Latvia and Russia resolve to extend and diversify trade between both countries, improving its structure and increasing the volume of high value-added products and share of high-developed production.

Both countries will also continue to implement constructive, mutually beneficial cooperation in energy, focusing on stable and sustainable energy turnover, efficiency, savings and use of renewable energy.

The sides will also cooperate in the environmental protection, including the development of ecologically-clean technology and its use, prevention of pollution, particularly – in the Baltic Sea region. Latvia and Russia also resolve to strengthen economic contacts between Latvian and Russian businessmen, improving their competitiveness and focusing also on innovations.