Bilateral economic cooperation of Latvia with the Member-States of the European Union and European Economic Area is implemented in accordance with the principles of EU internal market, which provide for the free movement of goods, persons, services and capital.

Economic cooperation with the non-EU states is implemented at both European Union and national level. At national level, it is implemented within the framework of bilateral economic cooperation agreements.

Latvia has entered into bilateral economic cooperation agreements with — Armenia, Azerbaijan, Belarus, China, Georgia, Kazakhstan, Kyrgyzstan, Kuwait, Moldova, Russia, Ukraine, the United Arab Emirates, Uzbekistan, Tajikistan, Turkey and Turkmenistan.

These agreements are the most important umbrella agreements regulating bilateral economic cooperation, which encompass collaboration in such fields as industry, tourism, transport and logistics, pharmacy, agriculture, financial services, information and communication technologies, investment attraction, innovations, etc.

Each bilateral economic cooperation agreement of Latvia provides establishment of an Intergovernmental Commission (IGC) or a Joint Committee (JC), which ensures regular supervision of execution of these agreements. Economic cooperation issues, which are topical for both countries at the level of both government and entrepreneurs, are discussed during IGC/JC meetings. Latvian entrepreneurs, which require government support in implementing new business projects or resolving issues, which have occurred with an enterprise/entrepreneur of another country, are invited to participate in IGC meetings.

In addition to the intergovernmental dialogue, activities aimed at promoting economic contacts at the level of entrepreneurs, including business forums, matchmaking events and individual meetings of entrepreneurs, are implemented in cooperation with other Latvian institutions and foreign partners.