"After the treaty signing and its ratification in the Latvian Parliament, the country will officially become the 35th member of the OECD. The Parliament is expected to take a decision on ratification on June 16," the government announced.
The signing ceremony was attended by Vice-President of the European Commission Valdis Dombrovskis. The negotiations on Latvia's accession to the OECD began in 2013, when Dombrovskis served as Latvia's prime minister.
Latvia will be the second Baltic state to join the OECD after Estonia. Lithuania is currently engaged in accession negotiations.
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.