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Saeima ratifies Latvia's accession agreement with OECD

BC, Riga, 17.06.2016.Print version
Saeima passed a bill on Latvia's accession to the Organization for Economic Cooperation and Development (OECD) in the final reading on June 16th, informs LETA.

The bill was passed by 68 votes, with none of the parliamentarians participating in the session voting differently. Another 11 MPs representing various Saeima factions did not register for the vote.

 

According to the Foreign Ministry, 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.

 

Foreign Minister Edgars Rinkevics (Unity) said earlier that after joining the OECD Latvia will still have a lot to do in several areas, including enhancing the oversight of its financial sector.

 

Prime Minister Maris Kucinskis (Greens/Farmers) and Angel Gurria, Secretary General of the Organization for Economic Cooperation and Development (OECD), signed an agreement on Latvia’s accession to the OECD in Paris on June 2.

 

After the agreement’s ratification by Saeima, Latvia will become the 35th member of the organization.

 

Kucinskis said at the signing ceremony that he is grateful to OECD member states for inviting Latvia to join the organization. “This is a recognition of tenacious work Latvia has done as part of the accession process,” the Latvian prime minster said.

 

"It is a privilege, to join this "club of best practices". At the same time, we realize that along with this privilege we are also taking commitments and responsibilities," Kucinskis said.

 

The prime minister noted that this is only the beginning, as there is a lot for Latvia to achieve in the future. Latvia is determined to be an active OECD member in the organization's efforts to find solutions to modern global challenges. Latvia is also ready to share its experience and know-how, Kucinskis said.

 

Gurria greeted Latvia on joining the OECD, praising its achievements during the accession process. The OECD secretary general also noted Latvia's significant progress on implementing the OECD's recommendations.

 

On April 18, Latvia completed the process of technical reviews, having received formal opinions from each of the 21 committees, which evaluated the country's compliance with OECD standards and best practices.

 

On May 11, Latvia received an official invitation to join the OECD.






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