Country Club: Latvia Eyes OECD Membership Deal

Latvia has been invited to become a member of the OECD after a vote on Wednesday.

MOSCOW (Sputnik) — Latvia has been invited to join the Organisation for Economic Co-operation and Development (OECD) after its 34 members voted in favor of the decision Wednesday.

Membership talks started in 2013, since then 21 OECD committees have scrutinized the Latvian bid, analyzing whether its economy had conformed to the member countries' requirements.

"I am sure that Latvia will make a great contribution to enrich the work of the OECD as a source of effective and innovative public policies, and that its OECD membership will also support Latvia’s efforts to continue improving the lives of its citizens," OECD Secretary General Angel Gurria announced.

Latvia will be the second Baltic state to join the OECD after Estonia. Lithuania is currently engaged in accession negotiations.

"The economic and financial crisis has underlined the need for our countries to work together to find appropriate policy responses to restore growth and confidence," Gurria added, commenting on OECD expansion.

The next milestone Latvia must pass before becoming a full-fledged member is the signing of a special association agreement at a special ceremony June 2.

The OECD was established in 1961 to advance growth-oriented policies. With 34 members, including the United States, the United Kingdom, Germany and Japan, the organization also has partnerships with major emerging economies, including Brazil, China and India and delivers specific country programs.