The agreement was signed by Minister of National Defence Juozas Olekas and vice-president of the association Robertas Jurgelaitis.
The agreement provides for sharing relevant information and taking joint actions aimed at increasing Lithuania's defensive potential.
It is hoped that the move will help Lithuania's defensive industry become competitive in foreign and domestic markets. The agreement is also expected to encourage synergy between civil and military research and help develop dual-use technologies for civil and military applications.
As the EU and NATO countries are stepping up defensive spending, it is projected that export of Lithuanian defence and security industry companies may grow from EUR 120 million in 2014 to EUR 500 million in 2020.