Latvia to Become OECD’s 35th Member State
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Last week, the leadership of the Organization for Economic Cooperation and Development (OECD) decided unanimously to invite the European nation of Latvia to join as its 35th member. The Baltic nation had met all of the OECD’s membership requirements, and the decision to invite it to join the OECD was made by unanimous vote of the OECD’s governing council.
Last week, the leadership of the Organization for Economic Cooperation and Development (OECD) decided unanimously to invite the European nation of Latvia to join as its 35th member. The Baltic nation had met all of the OECD’s membership requirements, and the decision to invite it to join the OECD was made by unanimous vote of the OECD’s governing council.
Latvia, for its part, will sign the agreement to become a member of the OECD in Paris on June 2. Following its signature, Latvia will officially become a full member of the OECD, with all of the rights, privileges, and duties that membership entails.
As noted by Latvian Foreign Minister Edgars Rinkevics, “We have covered a distance comparable to a marathon and earned our right to belong to ‘the club of best practices,’…As an OECD member, Latvia will work with the most developed economies to address major global challenges that directly affect domestic politics.”
Latvia is a nation of 2 million people located in northeastern Europe. It is already a member of the European Union (EU), North Atlantic Treaty Organization (NATO), the Council of Europe, the United Nations (UN), the International Monetary Fund (IMF), the World Trade Organization (WTO), and the Organization for Security and Cooperation in Europe. Latvia has been trying to join the OECD since 2014.
Speaking during a press conference, OECD Secretary-General Angel Gurria said of the decision to accept Latvia into the OECD: “Latvia will make great contributions to the OECD through effective and innovative public policies, and its membership will support Latvia’s efforts to improve its citizens’ lives.”
Similarly, Marten Kokk, Dean of the OECD’s Governing Council, said, “Latvia has implemented wide-ranging structural reforms to establish a modern market economy after it restored its independence from Soviet Union in 1991. Joining the OECD is an important acknowledgment of these efforts after it joined the European Union in 2004 and the Eurozone in 2014.”
Membership in the OECD grants the nation the benefit of the organization’s pool of expert knowledge and personnel, helping a nation improve its economy and living standards. While the membership does not “guarantee prosperity,” Foreign Minister Rinkevics said, “It is our own responsibility to ensure we use our membership to maximize advantages.”
As part of its application for membership, Latvia was tested to determine its ability to carry out the OECD’s legal requirements, and its existing policies and practices were evaluated against accepted OECD criteria. Following the evaluation, Latvia’s government has already announced plans to liberalize investment incentives, improve education, combat corruption, inspire innovation, and improve labor and health conditions, and more.
Latvia follows its Baltic neighbor Estonia in joining the OECD. Estonia was offered membership in 2010. Another Baltic neighbor, Lithuania, is currently undergoing evaluation.
