Doing Business in Latvia

The objectives of the subject “International Trade and Business in” Latvia” are the following:

1. To analyze the Latvian Economy and Global Trade;
2. To know the business opportunities in the Latvian Market;
3. To analyze the trade relations of Latvia with the country of the student;
4. To know the Latvian free trade agreements as a member of the European Union;
5. To develop a business plan for the Latvian Market.

The Subject “Foreign Trade and Business in Latvia” belongs to the following Online Higher Educational Programs taught by EENI Global Business School:

Doctorate (DIB): European Business, World Trade.

Masters (MIB): International Business, Foreign Trade.

Masters and Doctorate in International Business adapted to the Latvian Students.

Learning materials in + Letonia Lettonie Letónia.

1. Credits of the Subject “International Trade and Business in” Latvia”: 1 ;
2. Duration: one week.

1. North Sea-Baltic Transport Corridor (Finland, Estonia, Latvia, Lithuania, Poland, Germany, Netherlands, Belgium);
2. Access to the
   1. Trans-Siberian Railway (Russia, Mongolia, China, North Korea);
   2. Pan-European Corridor II;
   3. Pan-European Corridor IX.

Latvian Preferential Access and Free Trade Agreements:

1. Latvia and the European Economic Area;
2. European Union
   1. European Customs Union;
   2. European Single Market;
   3. EU Services Directive;
   4. European Digital Single Market;
   5. As a member of the European Union, Latvia is a beneficiary of the EU Free trade agreements.
3. Council of the Baltic Sea States (CBSS);
4. Regional Cooperation Council (RCC).

Latvia is an observer country of the Regional Organization for Democracy and Economic Development (GUAM).

1. World Trade Organization (WTO)
   1. WTO General Agreement on Trade in Services (GATS);
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS);
   3. WTO Agreement on Technical Barriers to Trade (TBT);
   4. WTO Agreement on Preshipment Inspection (PSI);
   5. WTO Agreement on Safeguards (SG);
   6. WTO Trade Facilitation Agreement (TFA).
2. World Customs Organization (WCO)
   1. Revised Kyoto Convention (RKC).
3. International Convention on the Harmonization of Frontier Controls of Goods (UNECE);
4. Convention on the Contract for the International Carriage of Goods by Road (CMR, UN);
5. International Chamber of Commerce (ICC);
6. Organization for Cooperation between Railways (OSJD);
7. Uniform Rules concerning the Contract of International Carriage of Goods by Rail (CIM, CIT);
8. Convention concerning International Carriage by Rail (COTIF);
9. International Bureau of Containers and Intermodal Transport (BIC);
10. International Civil Aviation Organization (ICAO, Chicago Convention);
11. International Maritime Organization (IMO)
    1. International Convention for Safe Containers (CSC);
    2. Convention Relating to Temporary Admission (Istanbul Convention).
12. International Road Transport Union (IRU)
    1. TIR Convention;
    2. Guidelines on Safe Load Securing for Road Transport.
13. Customs Convention on Containers (CCC, UN) - not a member.

European Trade and Economic Organizations of Latvia

1. European Union
   1. European Central Bank;
   2. European Investment Bank (EIB);
   3. European Bank for Reconstruction and Development;
   4. Group of States of the European Council Convention against Corruption (GRECO);
   5. EU-CELAC Summit.
2. Economic Commission for Europe (UNECE);
3. Organization for Security and Cooperation in Europe (OSCE).

Global Organizations:

1. Organization for Economic Cooperation and Development (OECD)
   1. OECD anti-corruption measures.
2. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD);
   2. International Trade Centre (INTRACEN);
   3. World Intellectual Property Organization (WIPO).
3. World Bank (WB);
4. World Trade Organization (WTO);
5. International Monetary Fund (IMF);
6. Asia-Europe Meeting (ASEM).

The Republic of Latvia (Europe).

1. Latvian Capital: Riga;
2. Official Language of Latvia: Latvian;
3. Latvian Area: 64,590 square kilometers;
4. Latvian Population: 2 million people;
5. Type of Government of Latvia: Parliamentary Republic;
6. Borders of Latvia: Estonia, Lithuania and Belarus;
7. Independence of Latvia from the Soviet Union: 1991.

Religion in Latvia: Christianity.

1. Protestantism: Latvian Evangelical Lutheran Church (35%);
2. Catholicism (25%);
3. Orthodoxy (20%).

Latvia belongs to the Western Civilization (European Economic Area).

Economy of Latvia.

1. The Republic of Latvia is ranked 21st in the world (Index of Ease of Doing Business, World Bank);
2. Latvia, Estonia and Lithuania are the so-called Baltic Tigers;
3. According to the Human Development Report (United Nations), Latvia belongs to the very high human development countries group;
4. Financial crisis in 2008-2009;
5. Latvian GDP (nominal): 41,005 million dollars;
6. GDP per capita of Latvia: 16,620 dollars;
7. Latvian Currency: Euro (2014);
8. Latvia is a member of the European Union since 2004;
9. Headquarters of the Office of the Body of the European Regulators for Electronic Communications (BEREC Office): Riga (Latvia);
10. The main Latvian economic sectors are tourism, agriculture, textiles and steel metallurgy;
11. The privatization process in Latvia has virtually ended.

Latvian Foreign Trade

1. The main Latvian Exports are foods, wood and wood products, metals, machinery and equipment, textiles;
2. Top export markets: The United Kingdom, Sweden and Germany;
3. The main Latvian imports: machinery and equipment, consumer goods, chemical products, fuels;
4. The main suppliers of Latvia: Russia, Germany and Lithuania;
5. As a member of the European Union, Latvia is a beneficiary of the EU Free trade agreements with India, Mexico, MERCOSUR, South Korea, Peru, the ASEAN, Egypt, Jordan, Lebanon, Ukraine, Moldova, Georgia...

(c) EENI Global Business School (1995-2023)
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