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At the Foreign Affairs (Trade) Council meeting in Luxembourg on 14 June, the Minister of Foreign Affairs of Lithuania Linas Linkevičius said that the negotiations on the free trade agreement with the United States would contribute to global economic growth and job creation.

“The preservation of cultural diversity is particularly important for the European Union; therefore, it is understandable that this issue is most actively discussed. However, we hope that the current Irish Presidency of the EU Council will succeed in building consensus over the adoption of the mandate to negotiate the agreement with the U.S.A., taking into account the interests of all EU Member States. This will soon allow launching the negotiations that will take the trade and economic relations between the EU and the United States to a higher level, and will set an example for other countries to open their markets,” said Linkevičius.

The Foreign Affairs (Trade) Council meeting is discussing the adoption of the mandate to negotiate the deep and comprehensive free trade agreement between the EU and the United States. A 0.4 per cent increase in GDP is projected for the EU after the conclusion of the free trade agreement with the United States. It is also expected that the exports of goods and services to the U.S. would increase by almost one third.

Lithuania and the United States have a positive trade balance. Further enhancement of trading conditions and reducing non-tariff barriers to trade could contribute significantly to increase in Lithuanian exports, and would open up greater opportunities for Lithuanian business and investment. The most promising Lithuanian export sectors to the U.S. are: processed agricultural and food products, chemicals products and furniture, electrical and electronic equipment.

At the Foreign Affairs (Trade) Council meeting, the Ministers will also discuss progress in talks on the Comprehensive Economic and Trade Agreement between the EU and Canada, preparations for the IX World Trade Organization Ministerial Conference on 3-6 December 2013 in Bali, Indonesia, and other important trade policy issues.

After Lithuania takes over the EU Presidency on 1 July, the Lithuanian Foreign Minister Linkevičius will chair the Foreign Affairs (Trade) Council meetings which are to be held on 18 October in Luxembourg and on 5 December in Bali.