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During the meeting held on 16 February 2026 between the Latvian Chamber of Commerce and Industry (LCCI) and the Ministry of Foreign Affairs, the main topics addressed were transatlantic ties, the situation in Ukraine, the foreign service’s capacity to support entrepreneurs in export markets, development cooperation projects, reduction of trade with Russia and Belarus, and items high on the EU agenda such as EU Multiannual Financial Framework (MFF), EU sanctions against Russia, EU trade policy, and bureaucracy reduction.
The Minister of Foreign Affairs, Baiba Braže, noted that the foreign service maintains regular and close contact with Latvian businesses and organisations to remain informed about business developments and the expertise and accomplishments of Latvian industry specialists and businesses. It also advises entrepreneurs on opportunities such as grants, development cooperation projects, and trade agreements, and involves them in foreign policy initiatives, including consultation on Latvia’s national position ahead of negotiations on the next EU Multiannual Financial Framework.
B. Braže: “We highly appreciate the collaboration with the LCCI we have established so far. I am sincerely grateful to Latvian entrepreneurs for their support to Ukraine, including their efforts to help eliminate the damage caused by Russia’s barbaric attacks to Ukraine’s critical energy infrastructure and civilians.
The current geopolitical climate has also fostered growth in Latvia’s domestic security industry, particularly in the field of drone technology. Latvia also benefits from extensive opportunities for testing new technologies – an increasing number of manufacturers from allied countries are coming to Latvia to trial the latest generation of drones. At the same time, during times of global turmoil, Latvia’s growth and development depend on the ability of entrepreneurs to diversify export markets and offer innovative solutions in both traditional and new markets. Exports are the backbone of Latvia’s economy, and the foreign service will continue to assist entrepreneurs in both established and emerging export markets.
We share the view of entrepreneurs that the EU must enhance its global competitiveness, including by swiftly reducing bureaucracy. As for the forthcoming EU Multiannual Financial Framework, I emphasised that Latvia is giving special attention in the talks to strengthening the involvement of Latvian businesses and ensuring their eligibility for funding from the proposed European Competitiveness Fund.”
The Minister urged businesses to take advantage of export opportunities arising from the EU’s new trade agreements with third countries, as well as the support instruments offered by the Ministry of Foreign Affairs. She recalled that last year the Ministry of Foreign Affairs successfully advocated for more favourable trade conditions for key export sectors, including the timber industry, resulting in a substantial reduction of customs duties imposed by the United States.
Addressing the geopolitical situation, B. Braže emphasised that Russia shows no sign of seeking peace and that its goals remain unchanged: to destroy Ukraine, divide its allies, and threaten the security of the transatlantic area. Russia must continue to be constrained through sanctions and measures targeting its shadow fleet, and all trade activities with the aggressor must be stopped. B. Braže further pointed out that the EU’s 20th sanctions package against Russia is expected soon, and reminded that last year the Government of Latvia approved regulations establishing a national sanctions regime in response to Russia’s military actions in Ukraine. The Minister expressed her gratitude to entrepreneurs for their cooperation in implementing sanctions and preventing their evasion.
According to the data at the disposal of the National Customs Board and Latvijas Banka (Bank of Latvia), trade between Latvia and Russia continues to decline. From 2022 to 2024, imports of goods and services fell by 78.1%. In the first 11 months of 2025, imports of goods from Russia decreased by 73.5% compared to the same period in 2024. Meanwhile, exports of goods to Russia decreased by 8.7%. Since 2021, the number of companies registered in Latvia that exported goods to Russia has declined by 79.7%. However, B. Braže emphasised that the Ministry of Foreign Affairs will continue urging Latvian and EU businesses to stop trading with Russia and its aggression ally Belarus. She also encouraged Latvian companies to pay greater attention to their export partners in third countries, so that goods intended for military use are not supplied to Russia.