Entering EU will Promote Latvia’s Welfare and Development

The influence on the national economics in Latvia already can be felt, even before entering the EU. Since negotiation of European contract in 1995, there has been an intensive integration process going on in Latvia – readjustments of legislation, increasing trade with the EU countries and big amount of investments has been received from foreign investors. If there would not be a movement towards the EU or NATO, the economical developments in Latvia would take place in much slower manner because it would be much harder for Latvian politicians and society to find harmony and agreements about the way and type of as non-candidate countries has been slow and unmotivated enough. Even though, many advantages of joining EU are currently noticeable, all Latvia’ s privileges and opportunities will become more realistic and available only after joining the European Union.
Before we say “yes” or “no” to these changes it is worth considering the future of Latvia. Latvia is a small country, with quite restricted local market and resources, as well as developmental means, which are not enough. Therefore, Latvia’s economical development and welfare is directly dependent on outside trade, investments, possibility to be competitive and create products and services with high value-added proportions. At the same time, it has to be considered that approximately 80% of Latvia’s outside trade transactions have been taking place mainly with EU member states and candidate countries. Along with joining EU, there are many questions which need to be considered: will joining EU increase Latvia’s the international trade, competitiveness and investments?…