The Ministry of Economics is in charge of state economic policy within the framework of the European Union. The ministry formulates and promotes Latvia's economic policy and interests at all stages of the EU decision-making process. The opinions of entrepreneurs and social partners have crucial significance in formulating this policy.
The Ministry of Economics represents Latvia in the Council of Ministers for Competitiveness (Internal Market and Industry).
The competence of the Ministry of Economics includes the following EU policies:
- Free circulation of goods and services
- Protection of consumer rights
- Innovations and industry
- Energy efficiency for buildings
as well as the following initiatives:
- Europan Semester
- EU Strategy for the Baltic Sea Region (tourism, innovations)