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Estonia Believes Example of OECD Serves to Accelerate Economic Growth


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Today at the ministers’ meeting being held in Paris to celebrate the 50th anniversary of the Organisation for Economic Co-operation and Development (OECD), Foreign Minister Urmas Paet said that over the past five decades the OECD has played an essential role in developing the global economy and expanding global trade. “However, the effects of the economic crisis and the relations between economies with different levels of development compel us to find new ways to foster growth,” said Paet. “Along with countries that have developed economies, developing nations can also contribute to economic growth and reducing poverty by following the OECD’s principles,” he added.

The foreign minister stated that Estonia, as one of the OECD’s newest members, is sharing its experiences with its development co-operation partner states in order to help them reform and strengthen the public sector. “One concrete example of this is the work of Estonia’s Centre of Eastern Partnership,” noted Foreign Minister Paet. “The information that Estonia can distribute in the information technology sector helps partner countries make their system of government more transparent, carry out elections, and fight corruption and crime with the help of innovative solutions,” he added.

At the meeting, the foreign minister also emphasised that the factors that facilitate the OECD’s success in promoting development are open investment policy, effective tax policy, the establishment of good standards of government, food safety, and in some countries, allowing for women to take on a bigger role.

The OECD is a forum for industrially developed democratic nations which is based in Paris. It was established on 30 September 1961, and its predecessor was created after World War II to administer American and Canadian aid for rebuilding Europe (the Marshall Plan). The OECD currently has 34 member states. The work of the organization is led by Secretary General Angel Gurría. Estonia became a member of the OECD in December of 2010.

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