Duchy of Lithuania Duchy of Lithuania Duchy of Lithuania (; ) was a state-territorial formation of ethnic Lithuanians, that existed from the 13th century until 1413. Most of the time it was a constituent part and a nucleus of the Grand Duchy of Lithuania. Other alternative names of the territorial formation, used in different periods, were Aukštaitija or Land of Lithuania (13th century), Duchy of Vilnius (14th – early 15th centuries), Lithuania Propria or simply Lithuania (in a narrow sense). The formation emerged in the central and eastern part of the present-day Lithuania, known as Aukštaitija, as the Lietuva Land (). It is
Economy of Lithuania degrees of business, fiscal, and financial freedom. Lithuania is a member of the EU and the WTO, so regulation is relatively transparent and efficient, with foreign and domestic capital subject to the same rules. The financial sector is advanced, regionally integrated, and subject to few intrusive regulations. One of Lithuania's most important reforms was the privatization of state-owned assets. The first stage of privatization was being implemented between 1991 and 1995. Citizens were given investment vouchers worth €3.1 billion in nominal value, which let them participate in assets selling. By October 1995, they were used as follows: 65% for acquisition