The Latvian Parliament approves the Agreement on Latvia’s accession to the OECD

16.06.2016. 17:33

On 16 June, the Saeima (the Latvian Parliament) approved in two readings a draft law “On the 14 December 1960 Convention on the Organisation for Economic Co-operation and Development and the Agreement on the Terms of Accession of the Republic of Latvia to the Organisation for Economic Cooperation and Development”.

The adoption of this law is the final step before Latvia becomes the 35st member state of the Organisation for Economic Cooperation and Development (OECD). 

Foreign Minister Edgars Rinkēvičs in his remarks to the members of the Saeima presented the work accomplished during the accession process and outlined further activities to ensure that the best advantage is taken of Latvia’s membership of the organisation to achieve a sustainable economic development of Latvia.

The Foreign Minister expressed thanks to the Saeima for its support and decisive action during the negotiations on joining the OECD when improvements to laws and regulations were made to meet the OECD’s high standards.

As reported earlier, on 2 June, Prime Minister Māris Kučinskis and the OECD Secretary-General Angel Gurría signed the Agreement on the Terms of Accession of the Republic of Latvia to the OECD Convention.

After the law has taken effect, Latvia will deposit its instrument of accession with the depositary of the OECD Convention – the Government of France. Latvia becomes a full-fledged member of the OECD on the day of the deposit of its instrument of ratification. 

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