Analytics, Economics, EU – Baltic States, Latvia, Legislation

The State Chancellery will have to prepare a bill for submission to Saeima. Also, Saeima will be asked to revise the bill urgently.

The Foreign Ministry in cooperation with other ministries by July 15 will have to prepare proposals on expenditure to budgets of ministries for 2017 and further years in relation to costs from Latvia’s OECD membership.

The OECD Council on May 11 decided to invite Latvia to join the organization. The next step will be the signing of an agreement on the accession of the Republic of Latvia to the OECD and this will take place during the OECD's annual Ministerial Council Meeting in Paris on June 2. Following the signing and ratification of the agreement at the Saeima of the Republic of Latvia (the Latvian parliament), Latvia will become a full-fledged OECD member state.

Latvia’s accession to the OECD, the bloc of the world’s 34 most developed countries, is expected to ensure serious benefits, including to improve Latvia’s international credit rating, the Foreign Ministry explained earlier.

OECD membership also means compliance with high standards in entrepreneurship, investment environment and protection. Latvia now will be included on OECD studies about national economic development, statistical and other databases.

Latvia also expects to improve economic ties with other OECD members.