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Edgars Rinkevics at a discussion on Latvia’s accession to the OECD. Riga, 26.05.2016. Photo: flickr.com

Speaking at a discussion on Latvia’s accession to the OECD, organized by the Foreign Investors’ Council in Latvia (FICIL), the minister indicated that it is in Latvia’s best interests to carry on with the reforms, LETA was told at the Foreign Ministry.

Rinkevics also noted that the OECD’s invitation to Latvia to join the organization is a quality trademark, asserting the maturity of the Latvian economy and sends positive signals to Latvia’s society, as well as its existing and potential investors.

As it becomes an OECD member, Latvia has to continue the work started during the accession process, using the OECD’s recommendations as a tool promoting Latvia’s economic growth and sustainability.

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.