The OECD Council formally invites Lithuania as 36th member
On 3 May, the Organisation for Economic Co-operation and Development (OECD) invited Lithuania to accede to the OECD Convention and to become its 36th member country. Thus, Lithuania has gained significant international recognition as a developed and advanced economy.
“Lithuania has already implemented the most important recommendations in order to meet the organization’s standards, but its membership of the organisation that remains one of the most influential voices in the world economy opens up new opportunities and the possibility of new responsibilities, which we take very seriously, and we will seek to make the most of it,” the Foreign Minister Linas Linkevičius said. He welcomed the decision, which has been taken thanks to the purposeful, active and coordinated work of our national institutions.
Lithuania’s OECD membership, first of all, is beneficial to the people of Lithuania, because the organization supports and promotes reforms aimed at improving social and economic conditions. Policymakers, experts and members of our civil society will have access to global expertise, knowledge and statistics. In addition, the membership will open up new opportunities to share best practices and influence decision making.
The OECD membership also sends a strong signal to foreign and domestic investors that the country’s policy is guided by the key standards in the fields of corporate governance, investment, competition, financial markets and public administration.
At the end of May, the leaders of Lithuania and the OECD will sign an accession agreement, which will have to be ratified by the Seimas of Lithuania. After the agreement is deposited with the French Ministry of Foreign Affairs, Lithuania will become a full member of the organization. Lithuania will strive for exploiting the OECD’s potential to boost the country’s economy, accelerate the financial sector, improve education quality, social and employment policies, and increase the effectiveness of anti-corruption, public administration and regulatory policies.