UK-Lithuania joint declaration on bilateral cooperation 2022 - GOV.UK 05/08/2022, 19:14 Economic cooperation, technology and bilateral trade 27. Recognising the importance of economic growth and rulesbased multilateral trade in supporting democratic values and improvements to quality of life, Lithuania and the UK reaffirm our commitment to promote prosperity and welfare through economic openness and rejection of protectionism. We will deepen our cooperation on economic security, including consulting on national action in the areas of common interest. We underline the importance of transparency in international trade and investment and recognise the existing framework of the EU-UK Trade and Cooperation Agreement. We are stalwart in our support for the rules-based multilateral trading system, with the WTO at its heart. 28. As nations that support open societies and free and fair trade conducted within a system of transparent and predictable international rules and standards, Lithuania and the United Kingdom are united in our concern regarding practices that undermine such free and fair economic systems, including trade, investment and development finance. We will continue to work collectively to foster global economic resilience in the face of arbitrary and coercive economic policies building on our work so far, including in the World Trade Organisation, over China’s targeting of Lithuanian businesses. We will support each other to call out these practices and work to strengthen the economic system, by helping to set new standards and norms to support our shared values. 29. We will coordinate engagement and the exchange of information between our respective governmental institutions, regulators, companies, and civil society, as needed in order to strengthen and foster bilateral economic and technological cooperation, increase the volume of our bilateral trade and investment, and support the development of economic and trade cooperation between Lithuania and the UK. 30. In particular we will seek to build closer economic links between our two countries in key economic areas including clean growth and digital technologies. Harnessing the outcomes from COP26 to address climate change challenges, https://www.gov.uk/government/publications/uk-lithuania-joint-declar…n-2022/uk-lithuania-joint-declaration-on-bilateral-cooperation-2022 Page 11 of 13