On May 11, 2016 the member countries of Organization for Economic Cooperation and Development (OECD) agreed to invite Latvia to become a member of the Organization. As a result, the number of OECD’s members will extend to 35 countries.
OECD Secretary-General, Angel Gurría said that this event “reaffirms our Organization’s commitment to bring together countries who want to be part of this ‘house of best practices’, which aims to provide answers and solutions to the world’s leading economic and social challenges.”
It is reported that “Latvia has implemented wide-ranging structural reforms to establish a modern market economy after it restored its independence in 1991 and joining the OECD is an important acknowledgement of those efforts after joining the EU in 2004 and Euro area at the beginning of 2014”.
In particular, as part of its accession process, Latvia has committed to the re-establishment of boards of directors in all large state-owned enterprises and has improved its anti-money laundering regulations. The remaining agenda corresponds to the OECD’s priorities, for example reducing inequalities, developing trade and investment, fostering innovation, fighting corruption and optimizing education, health and labor market policies.
An Accession Agreement between Latvia and the Organization will be signed on 2 June, during the annual meeting of the OECD Council at ministerial level in Paris.
The OECD is an association of the developed countries engaged in developing recommendations to both member states and other countries on various issues of economic and social policies, including international taxation and countering tax evasion.