An agreement on setting up a free trade area between BG and Lithuania was signed by H. Michailovski, BG Deputy Economy Minister and Lithuanian Deputy Foreign Minister D. Gribauskayte. If ratified the agreement will enter into force in January 2002. 50% tariff cuts will apply to sensitive goods during the transition period, and will be abolished as of January 1, 2002. This will apply to BG imports including fuels, chemical and wooden products, textiles, footwear, machinery and apparatuses, and to exports to Lithuania including certain mineral products, fertilizers, plastic products, leather products, timber, textiles and glass.