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 following configurations of the Council of the European Union, covering the highlighted policy areas:
- The Council of Ministers for Competitiveness (internal market and industry)
- The Council of Ministers for Transport, Telecommunications and Energy.
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
as well as the following initiatives:
- Europe 2020 Strategy
- EU Strategy for the Baltic Sea Region (energy, tourism, innovations)
From 1 January 2015 to 30 June 2015 Latvia for the first time holded the Presidency of the Council of the European Union. Three key areas of the Latvian Presidency programme was Competitive Europe, Digital Europe and Engaged Europe.