: Latvia joins the Organisation for Economic Co-operation and Development

16:53 Jun. 2, 2016

Latvia joins the Organisation for Economic Co-operation and Development

Latvia joins the Organisation for Economic Co-operation and Development

Latvia to become the 35th OECD member 

Latvia has joined the Organisation for Economic Co-operation and Development (OECD). On Thursday, June 2, Latvia's Prime Minister Maris Kucinskis and OECD Secretary General José Ángel Gurría held a ceremony of signing the accession agreement.

Now the treaty is to be ratified by the Saeima, the Latvian parliament, on June 16. After the procedure the Baltic republic is to become the 35th member of OECD. After the accession Latvia will have much to do in several areas, including in supervision of the financial sector, said Latvian Foreign Minister Edgars Rinkevics.

Read also Latvia summons Russian ambassador after his speech about 'demonisation of Moscow'

Rinkevics told the press the work in the area of supervision and control of the financial sector should be continued. Also, councils in state-owned companies should be established. The minister also stressed upon the importance of issues related with the taxation policy and tax collection.

According to the official, the participation in organizations is not the goal in itself. "Traditionally we are champions in pulling ourselves together in order to join an international organization," said Rinkevics, adding that Latvia should not relax after accession to the OECD. It is important how actively ministers and experts will be using the opportunities offered by the OECD.

Read also Riga to host summit of mayors of E.U. capitals in 2017

The negotiations on Lantvia's accession to the OECD started in 2013, launched by that-time Prime Minister and current E.U. Commission Vice President Valdis Dombrovskis.

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