OECD Investment Committee Welcomes Ukraine as an Observer

KYIV, Ukraine, January 26, 2012 /PRNewswire/ --

Organization for Economic Cooperation and Development (OECD) granted Ukraine the status of an observer in the Investment Committee. Ukraine, along with Argentina, Brazil, and Chile, now has an observer status and participates in all areas of the committee's work. This was stated in the OECD's report on sectoral competitiveness of Ukraine, recently presented at the Verkhovna Rada (Ukrainian parliament).

Top Ukrainian officials (First Deputy Head of Presidential Administration of Ukraine Iryna Akimova, and Chairman of the Committee on European Integration Borys Tarasiuk) together with the Chairman of the OECD Eurasia Competitiveness Program Antonio Somme, and the Ambassador of Sweden to Ukraine Stefan Gullgren heard the report on Ukraine's sectoral competitiveness. Presenting the report, Deputy Minister of Economic Development and Trade of Ukraine Volodymyr Pavlenko announced yet another collaboration between the country and the organization - Investment Committee.

Even without being a member, Ukraine bears the status of the permanent observer in the committees for steel and governance. The country is also a part of the SME working group. In addition, Ukraine participates in the International Transport Forum and International Energy Agency of the organization. Now that Ukraine has acquired a status of an observer in the Investment Committee along with Argentina, Brazil, and Chile, the country nears its goal. Currently, the organization is also considering Ukraine's participation at the OECD Declaration and Decisions on International Investment and Multinational Enterprises.

Since gaining its independence in 1991, Ukraine has been closely collaborating with the OECD. Becoming a full-fledged member of the organization will help Ukraine adapt its legislation to that of most developed countries. The program of economic reforms for 2010-2014 stipulates for the country to become a member of the OECD in the near future. As of today, Ukrainian officials together with the representatives of the organization work on developing an agenda for Ukraine to join the organization.

OECD dates back to 1960, when it started with 20 members (18 European countries, USA and Canada). Nowadays, the organization counts 34 member countries around the globe. The organization, however, is constantly working on its enlargement and enhancement. OECD also maintains close relations with its more than 70 global partners.