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Latvia and Great Britain agree on necessity to reduce internal EU market barriers

Nina Kolyako, BC, Riga, 13.06.2012.Print version
Latvia and Great Britain believe it is necessary to reinvigorate the work on improving the European Union's internal market, helping member state economies grow and create new jobs.

Daniels Pavluts and Stephen Green. Riga, 13.06.2012. Photo: em.gov.lv

Yesterday, British Trade and Investment Minister Lord Stephen Green met with Latvian Economy Minister Daniels Pavluts, lauding Latvian-British cooperation and emphasizing excellent and ample opportunities for improving bilateral relations, trade and investments, Nozare.lv was informed by Pavluts' press secretary Daiga Grube.


Green emphasized that he highly appreciates Latvia's accomplishments in overcoming the crisis and confirmed that Great Britain will also observe fiscal stability principles in its further policies and planning. He also noted British businessmen's growing interest in business activities and cooperation opportunities in Latvia, as reflected in increasing trade and investment flows, writes LETA.


Green and Pavluts agreed that there are considerable possibilities for cooperation and it is necessary to promote direct ties between Latvian and British businessmen, assessing joint expansions on other markets.


The officials also discussed renewable energy resources, emphasizing that investors require a stable and predictable environment, and added that it is also necessary to be aware of the country's needs and opportunities, as well as their impact on economic competitiveness. Green informed that Great Britain, similarly to Latvia, currently assesses its support system to renewable energy resources.


As reported, Great Britain is Latvia's ninth most important trade partner. In 2011, Latvia's export to Great Britain amounted to EUR 410.3 million (LVL 288.4 million), 13.4% more than in 2010. Meanwhile, Latvia's import from Great Britain reached EUR 254.7 million (LVL 179 million), 31.8% more than in 2010.


Latvia mainly exports wood and wood products (70.1%), metals and metal products (5.76%), as well as various industrial goods (3.71%) to Great Britain.


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