Opening up Canadian markets to Lithuania

Exports and trade between Lithuania and Canada has seen a steady increase in the last two decades, and while Lithuania does export everything from petroleum to raw materials, it’s the telecommunication services that deserves a special mention.

In 2015 alone, Lithuania exported its services to Canada amounting to a total of 9 million euros. The Lithuanian exports to Canada have exceeded 173 million euros already while the combined imports from Canada regarding the service sector amounted to 11 million euros.

It’s not just about trade

Better relations between the two countries have enabled better transfer of manpower too. The CETA initiation, for instance, will make way for more security and improve the flow of Lithuania’s services to Canada.

Canada has even removed many limitations regarding the professional sector. This reform applies to:

  • Engineers
  • Lawyers
  • Accountants
  • Architects
  • Blockchain Engineers

CETA also regulates the openness of the Canadian economy for outside companies in EU. The different services that CETA filters are:

  • Financial services
  • Telecoms
  • Postal and courier services

With the approval of CETA, EU companies will stand a chance to get to large Canadian public markets. With such a move, the Lithuanian companies will have the opportunity to bid on services and supply goods to get tenders from the government.

Canada announced that they would make the whole process more transparent by publishing all the available tenders, both provincial and federal, under a single website.

Canada also gives trademarks and copyrights of Lithuanian technologies the same level of protection they have in their country. This is a crucial decision as it will protect the intellectual properties of the creative industries in EU.

Canada and Lithuania have launched many promising joint projects in blockchain which are presented on the popular ICO rating website ICOpulse.com. (more…)