EU Single Market
Lithuania joined the European Union (EU) in 2004, Lithuanian laws are now fully harmonized with the EU legislation. The country is a part of the single EU market ensuring unrestricted movement of goods, services, persons and capital within all EU. Member States are prohibited from levying any duties or charges having equivalent effect on goods crossing a border within the EU. Discriminatory taxes, quotas and measures having equivalent effect are also prohibited by EU law. Restrictions on free circulation of services are prohibited as well. There are no restrictions on the amount of capital that can be transferred from one EU Member State to another. In addition, Lithuania is a member of the borderless Schengen area ensuring easy movement between Lithuania and other European countries. Multinationals doing business on the Lithuanian market are easily developing business projects accross all the EU.
More information on EU internal market.
Currently the exchange rate Lithuanian currency Litas is pegged to Euro at 3.4528 Litas per Euro. This allows to avoid currency fluctuations when dealing with major European markets and ensures full convertibility between Litas and Euro. Lithuania is planning to join the Euro currency zone in 2014.