Foreign Minister Paet: Euro and Accession to OECD are Within Arm’s Reach

11.02.2010

Nr 43-E

In his foreign policy address today in Riigikogu, Foreign Minister Urmas Paet noted that Estonia has made significant decisions in the economic sector during the past year that have brought accession to the euro zone within arm’s reach. Estonia also stands on the threshold of accession to an organisation that assembles 30 economically likeminded states, the Organisation for Economic Co-operation and Development (OECD). Paet stated that Estonia will also soon open a consulate in Shanghai.

In talking about accession to the OECD, Paet noted that Estonia has been moving along the OECD road map for almost three years. “We hope to sign the OECD accession treaty this spring, and apparently our accession will officially become a reality this fall,” said Foreign Minister Paet.

The Foreign Ministry has helped Estonia to recover from the economic recession with various business diplomacy activities. “We have offered state support for solving the problems of Estonian businesses, and the number of inquiries our economic affairs diplomats responded to last year increased threefold comparing to 2008,” stated Paet.

Paet asserted that the Foreign Ministry will continue to protect the interests of Estonian investors and entrepreneurs abroad. “Last year we signed investment protection agreements with Belarus, Georgia, Morocco, and Vietnam, as well as agreements for the avoidance of double taxation with South Korea, Serbia, Israel, and the Isle of Man. We have also intensified our activities in the business diplomacy sphere,” stated the foreign minister.

According to Foreign Minister Urmas Paet, Estonia’s priority in the European Union is the establishment of trade relations with our close neighbours, among them Russia. “For Estonia, the increasing of the European Union’s competitiveness is high on our agenda, since this is an essential factor in recovering from the economic recession,” he added.

The foreign minister said that Asia, as well as the Middle East, will be shifting more and more into our foreign policy focus over the next few years. “In addition to developing bilateral economic and political relations, Estonia’s presence in these parts of the world will enable us to participate more actively in the formulation of the EU’s Common Foreign and Security Policy. Keeping in mind the global changes that have taken place in the world economy, we have begun to increase our activity and presence in Asia and the Middle East,” Paet stated. Last year Estonia opened, in Tel Aviv, its first foreign representation in that region, and the activities of the embassy in Cairo will begin soon. “We also plan to appoint honorary consuls in South Korea, Hong Kong, and Syria and open an Estonian Consulate this upcoming spring in Shanghai during the EXPO,” Paet added.

During his speech, Paet also highlighted regional co-operation with the three Baltic states and well as among the Nordic and Baltic nations. “Practical co-operation with Latvia and Lithuania is essential not only in connection with foreign and security matters and recovering from the economic recession, but also with the establishment of the Nordic-Baltic energy market and the launching of energy projects that are essential for the entire region, not to mention with the improvement of the health of the Baltic Sea,” said Foreign Minister Paet.

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