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:
- 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
- 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.
The benefits of CETA
European professionals can now easily come to Canada and work and have their qualifications recognized due to CETA. This comes as a boon to companies that:
- Distribute services that are in the field of communication, exported machines or technical softwares
- Manufacture products that may need after sales services such as maintenance or installation of machinery.
These changes are highly beneficial for medium-sized and small firms. What we see here is the combined collaboration of two countries that are benefiting from each other in a significant way. The relaxed laws put forward by Canada is doing wonders on how resources are handled between Lithuania and Canada.
It is obviously, that CETA will have a significant impact on the Canada-Lithuanian relations. The CETA further makes the trades transparent so that no discrepancies happen between the two countries. There also many discussions happening between the countries that are aiming to expand further the portfolio of trade that is happening between the countries.
CETA also put forward legal motions that improve the mobility of service suppliers. What sets Lithuania apart is that small businesses constitute 98% of the total export market. This allows the smaller firms to compete with the large global markets and at the same time, sell to the domestic market.
CETA is undoubtedly shaping up to have trader-friendly regulations that will boost Canada’s growth while maintaining good relations with the other countries.