Latvia’s accession to the Organisation for Economic Cooperation and Development

20.02.2019. 12:40
Latvia’s accession to the Organisation for Economic Cooperation and Development

Latvia became a full-fledged member of the Organisation of Economic Co-operation and Development on 1 July 2016 - on the day of the deposit of its instrument of ratification.

On 2 June 2016, in an official ceremony in Paris, 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

The Prime Minister said that OECD membership has been a goal for Latvia for the past 20 years, but never an end in itself. “The accession process has already brought significant benefits and improvements for Latvia: it has been the driving force behind reforming the governance of state-owned capital enterprises and has also served as an additional incentive to enhance our capacity in countering bribery in international business transactions,” Prime Minister Kučinskis said.

The Prime Minister also emphasised that Latvia has to complete the implementation of OECD recommendations, and, instead of stopping at achievements, responsible decisions must be taken that will ensure economic development.

OECD Secretary-General Gurría noted that Latvia has successfully implemented a variety of reforms during the past three years, thus making great progress in a short period of time. “I am convinced that Latvia and its residents will benefit from OECD membership,” he said.

The Agreement on the accession of Latvia to the OECD is available here (in English and French).