Lithuania officially becomes the 36th OECD member

Lithuania has completed the three year-long process and has officially become the 36th member of the Organisation for Economic Cooperation and Development (OECD), following the deposit of the ratification instrument of the accession to the OECD Convention with the French government on Thursday morning.

It is only symbolic that, at the same time in Vilnius, Prime Minister Saulius Skvernelis has met with OECD Secretary General Angel Gurría and thanked him for supporting Lithuania’s accession to the OECD as well as for the constructive cooperation with the OECD Secretariat throughout the Lithuania’s accession process.

‘We are excited, and at the same time we are proud of our country’s progress and international recognition. We have succeeded to become a member of this reputed organisation in a record time’, said the Prime Minister.

Angel Gurría welcomed the completed structural reforms and the six ones currently in the pipeline. In his words, this is real progress for the country. The OECD leader introduced the 2018 economic survey of Lithuania. The OECD’s assessments and trends in economic development are similarly seen by the Government. Government-initiated structural reforms in the fields of taxation, pensions, education, health, innovation, shadow reduction are in line with most of the OECD recommendations. The population will get the real feel of the benefits of the reforms already in 2019, which are expected to further improve in the future.

Saulius Skvernelis has emphasised that Lithuania’s strategic goal is to become the most competitive country in the region as regards investment attraction, labour taxation and quality of life, and it will continue to seek to actively cooperate with the OECD in the implementation of the reforms.  Lithuania is eager to take on board the expertise and experience provided by this organisation.

‘As a member of the OECD, Lithuania will have the opportunity, together with other advanced countries in the world, to find the most effective ways of addressing problems and challenges, to be a part of the ‘home to best practice’. We are ready to contribute to the strengthening of the OECD and taking an active part in the work of the OECD’, said the Prime Minister.

Lithuania completed its accession negotiations back in April this year. Our OECD membership will increase foreign direct investment, contribute to a more favourable credit-rating, reduce borrowing costs, and facilitate access to international financial markets. Joining the so-called club of successful economies, Lithuania will raise its international political profile. Not only does the OECD promote economic reforms but it also shapes a global vision on how to respond to global challenges. Therefore, Lithuania’s participation in yet another influential world organisation will strengthen the national security of the country, will give an opportunity to express its opinion and be heard on the issues of international agenda that are relevant to us.