The Seimas ratified the Accession Agreement with the OECD
The Seimas ratified the Accession Agreement of Lithuania to the Organisation for Economic Co-operation and Development (OECD) under an urgency procedure on 28 June 2018. After Lithuania deposits its ratification documents with the French Government, it will become the 36th full-fledged member of the Organisation.
“Membership of the Organisation puts our country on a qualitatively higher level and offers huge possibilities, and it depends solely on us how those possibilities are made use of. This of course implies more responsibility in continuing the reforms we launched. There is no doubt the OECD is a club of the most successful world economies. It is a sign of quality which sends a very clear message to investors and our partners in the whole world,” Foreign Minister Linas Linkevičius said.
Having started the preparation procedure in summer 2015, Lithuania manifested the most rapid and efficient accession process and an impressive scale of reforms it implemented. In its aspiration to ensure compliance with OECD standards, Lithuania did a good job – it amended more than 50 legal acts, carried out reforms, and introduced changes in state-owned enterprises.
The OECD objective is “better policies for better lives”. The Organisation aims at assisting member countries to improve economic and social conditions, supports reforms by giving access to world expertise, best practices, knowledge and statistics.
The Lithuanian Government is looking forward to active cooperation with the OECD in carrying out reforms which would help to strengthen the economy and a finance sector, to reform education, a social and employment policy, and to increase the efficiency of anti-corruption efforts, of public governance and a regulatory policy.
As a member of the OECD Lithuania will have better possibilities to attract foreign investment since membership of the club of the most successful economies is a sign of quality which underpins the most favourable conditions for investment.
Lithuania’s annual contribution during the first four years of membership will be EUR 2.8 million; from 2022 it will go down and should be EUR 1.8 million. OECD membership offers huge advantages when used in a rational manner in improving tax collection, public governance and a business environment.