Economic cooperation between Latvia and Canada has potential to grow

RIGA - Economic cooperation between Latvia and Canada has the potential to grow, Prime Minister Maris Kucinskis (Greens/Farmers) said during his meeting with the Canadian Minister of International Trade, Francois-Philippe Champagne, today.

The Latvian prime minister said during the conversation that he sees possibilities to expand the existing trade ties and that Latvia is interested in attracting Canadian investment in areas like information and communication technology, transport and logistics.

In this context, Kucinskis pointed out that the Canadian minister’s visit to Latvia has coincided with the ratification of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) by Saeima. The ratification of the trade agreement provides the opportunity to expand economic and trade cooperation between Latvia and Canada. Latvia has become the first country to ratify CETA, Kucinskis noted. The two officials underlined the significance of the move, projecting only benefits and no losses from the agreement’s coming into effect.

Turning attention to security issues, Kucinskis noted the upcoming deployment of a Canada-led multinational NATO battle group in Latvia as an undoubtedly significant event. The first Canadian troops are expected to arrive in Latvia in March or April, and the battle group’s formation might be completed by September.

“We are especially pleased about Canada’s decision to assume the duties of NATO’s framework nation in Latvia. This shows Canada’s readiness to provide a direct contribution to Latvia’s security and defense,” Kucinskis said.