Fresh Take on Lithuania's Trade Missions Abroad
Lithuanian President and Government to Embark on Japan, Vietnam Journey in June for Assisting Businesses in Finding New Markets
Lithuania's President Gitanas Nausėda sets his sights on business expeditions to Japan and Vietnam in the near future, aimed at aiding Lithuanian corporations in finding fresh export markets and partners. These travels are a response to the turbulent US tariffs on European Union imports.
According to Irena Segaloviciene, the President's advisor on economic and social policy, the president intends to embark on these business trips as early as June, accompanied by government representatives.
In the face of these trade challenges, the Lithuanian government has devised a strategic 20 million euro plan to help businesses adapt, and this initiative should be emphasized in the formulation of next year's state budget.
However, while the EU is actively addressing these tariff issues, Segaloviciene underscores the importance of maintaining a "diplomatic path."
She remarks, "We're not just entering an era of tariff wars, but also, we hope, a period of new economic trade agreements." Tariffs, she explains, can escalate inflation, disrupt international trade, and pose structural problems for economies.
Despite these challenges, Europe's economy presents a significant advantage compared to the trade wars of the past century. As Segaloviciene highlights, "Today, we have a single market of almost 500 million consumers, which has demonstrated its strength, having successfully navigated the COVID-19 pandemic, and it's seriously united on sanctions against Russia, aid to Ukraine, and we have no doubt that it will unite to help European producers when necessary."
Last week, the US announced plans to levy tariffs on various countries worldwide, including a 20 percent import tariff on the EU. Lithuania's exports to the US accounted for approximately 6.8 percent of Lithuanian goods exports, totaling 1.6 billion euros last year.
The Central Bank of Lithuania predicts that a potential trade war between the US and the EU could reduce Lithuania's economic growth by 0.33-1.3 percentage points over a four-year period.
Looking ahead, Lithuania seems poised to explore new partnerships in East Asia, strengthening ties with rapidly developing economies like Japan and Vietnam, though concrete details on these ventures remain under wraps. The lack of specifics might be attributed to ongoing diplomatic negotiations or media gaps in coverage.
- The turbulent US tariffs on European Union imports have prompted Lithuania's President Gitanas Nausėda to plan business trips to Japan and Vietnam, aiming to help Lithuanian corporations find new export markets and partners.
- Segaloviciene, the President's advisor on economic and social policy, revealed that these trips could begin as early as June, with government representatives accompanying the President.
- In response to these trade challenges, the Lithuanian government has devised a 20 million euro plan to assist businesses in adapting, a move expected to be emphasized in the formulation of next year's state budget.
- While the EU is actively addressing these tariff issues, Segaloviciene emphasizes the importance of maintaining a "diplomatic path" and hopes for a future of new economic trade agreements, rather than entering an era of tariff wars.
- Segaloviciene also pointed out that Europe's economy presents a significant advantage compared to the trade wars of the past century due to the strength of the single market of almost 500 million consumers.
- As a result of the US's recently announced plans to impose tariffs on various countries, including a 20 percent import tariff on the EU, Lithuania's economic growth over a four-year period might be reduced by 0.33-1.3 percentage points, according to the Central Bank of Lithuania.
