Ministers review common energy market issues

TALLINN - During the meeting with the Lithuanian Minister of Foreign Affairs Audronius Azubalis in Tallinn on March 19, Estonia’s Minister of Foreign Affairs Urmas Paet discussed energy security matters with his Lithuanian colleague, reports news agency LETA. “Estonia and Lithuania co-operate in many energy-related projects that help resolve the energy supply stability and security issues of these two countries and of the entire region,” said Paet.

He said that Estonia is interested in creating a well-functioning energy market as a part of the common energy market with the Nordic countries. “The market regulations in the Baltic countries must be harmonized with those applicable in the Nordic countries in order to ensure that the market functions properly and that all EU market participants would be treated equally; abuse of monopoly-like positions must also be avoided,” noted Paet. “In order to avoid market distortions, we need to agree on a way to regulate electricity imports from third countries,” he added.

When talking about the economic situation in general and of Estonia’s accession to the euro area, Paet stated that following a responsible economic policy is important in terms of strength and unity in the euro area.
Estonia and Lithuania have similar foreign policy priorities, noted Paet and Azubalis. The two agreed that this is the reason for close co-operation and active communications between the two nations on all levels. Paet remarked that the trade relations between Estonia and Lithuania are growing ever closer as well. “Lithuania is one of the most important investment destinations for Estonian entrepreneurs,” said the Estonian minister.

Among countries that received Estonian exports, Lithuania ranked 6th in 2009. Lithuanian goods accounted for 10.9 per cent of all imports to Estonia.

The two ministers also discussed the creation of the European External Action Service, reciprocal support for candidacy in international organizations, the Eastern Partnership, the strategy for the Baltic Sea region and relations with Russia.