The adopted Law ratifies the Convention on the Organisation for Economic Co-operation and Development adopted in Paris on 14 December 1960 and the Agreement on the Terms of Accession of the Republic of Lithuania to the Convention on the Organisation for Economic Co-operation and Development signed by Dalia Grybauskaitė, President of the Republic of Lithuania, in Paris on 30 May 2018, thereby completing the legal proceedings required for Lithuania’s accession to the OECD.
The adopted Law proposes that the Government designate an authority responsible for coordinating the implementation of the provisions of the Convention and the Agreement.
In its 1374th session held on 3 May 2018, the OECD Council recognised that the Republic of Lithuania complied with the requirements for the membership and decided to invite the country to become a full-fledged member of the organisation.
The explanatory note to the Law stipulates that Lithuania’s membership of the OECD will promote and facilitate public reforms in numerous fields, enhance its clout in the international arena, make the country more attractive to foreign investors, boost Lithuania’s economic and financial ratings, contribute to stepping up the fight against corruption, and provide an opportunity to access the best global database of social and economic statistics and expertise of the organisation.
The Convention and the Agreement are subject to ratification based on Article 138(5) of the Constitution of the Republic of Lithuania, i.e. they are treated as international treaties on the participation of the Republic of Lithuania in an international organisation.
