On November 11, the 8th sitting of the Intergovernmental Ukrainian-Latvian Commission on Economic, Industrial and Scientific-Technical Cooperation chaired by the Minister of the Cabinet of Ministers of Ukraine Oleh Nemchinov took place. The co-chair on the Latvian side was Jānis Vitenbergs, Minister of Economy of the Republic of Latvia. The meeting was held online for the first time.

The event was attended by members of the governments of Ukraine and Latvia, diplomats, representatives of industrialists and entrepreneurs, etc. The parties discussed bilateral trade, economic and investment cooperation, partnership in agriculture, transport, energy, energy efficiency and renewable energy sources.

"On the outcomes of the meeting, the Minutes of the eighth sitting of the Intergovernmental Ukrainian-Latvian Commission on Economic, Industrial and Scientific-Technical Cooperation were signed. With this document, the parties welcomed and supported the activities of the Latvian-Ukrainian Business Cooperation Council," Oleh Nemchinov said.

It was also noted that the Ukrainian League of Industrialists and Entrepreneurs (ULIE) plans to organize a Ukrainian stand in 2021 at the International Food Exhibition "Rigafood 2021" with the involvement of a wide range of Ukrainian participants. In order to further promote and strengthen business relations between Latvian and Ukrainian entrepreneurs, within the framework of the planned participation in Rigafood 2021, the Latvian Chamber of Commerce and Industry expresses readiness to study the issues of organization of B2B meetings between Ukrainian entrepreneurs and relevant Latvian companies.

Background

According to the results of 2019, Latvia ranks 20th (after Sweden and Denmark) in terms of bilateral trade in goods between Ukraine and European countries with a share of 1% of the total volume. For 6 months of 2020, the volume of trade in goods and services between Ukraine and Latvia amounted to USD 207.6 million.