Russian-Lithuanian Trade Grows by 9.3% in 2002

Trade between Russia and Lithuania grew by 9.3% in 2002 to reach 2.3 billion roubles (approximately USD 73 million). This was announced yesterday at a press conference by Russia Transport Minister Sergei Frank. The minister said that 'both parties are interested in developing mutual cooperation in the fuel and energy complex, including strengthening its legal base.' In connection with this, a working group on cooperation in the energy sector has been handed the task of speeding up the preparation process for intergovernmental agreements.

Frank added that Russia and Lithuania intend to sign agreements in the near future on developing cooperation in the gas, oil and electricity industries. He also said that positive steps had been taken regarding investment. Russia is now the second largest investor, after Germany, in Lithuania.