Growth of Latvia and Its Trade with EU Countries

The end of the 20th century has been quite eventful. The European customs union was established in 1968. In 1992 Maastricht Treaty was signed which extended European cooperation. Dissolution of Soviet Union occurred in 1991. Latvia as well as Estonia and Lithuania after 51 year of occupation regain their independence. Since that Latvia started its way toward market economy and democracy. European Union (EU) is an active supporter of these processes.
The liberalisation of Latvia led to trade relations with already existing market economies. It is obvious that such small countries like Latvia need international trade and integration with the rest of the world to survive and prosper. In 1991 staying on the cross-road Latvia had three ways to go: to stay apart from the integration, to integrate into CIS block (12 former USSR countries), or to become a member of EU. Only one choice is wise and it was done. Membership in EU was set as the main aim of Latvian foreign policy. To achieve the aim Latvia has to fulfil some criteria. Today Latvia is one of the most real candidates to join EU. In December 1999, during EU summit in Helsinki, the memberstates accepted decision to start with Latvia official negotiations. On February 15, 1999 the negotiations were started. Latvia’s integration process into EU picks up the speed.…