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Russia invited to start talks on OECD accession

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Russia has been invited to start negotiations on membership to the Organization for Economic Cooperation and Development, a senior official with the Russian Foreign Ministry said Wednesday.
MOSCOW, May 16 (RIA Novosti) - Russia has been invited to start negotiations on membership to the Organization for Economic Cooperation and Development, a senior official with the Russian Foreign Ministry said Wednesday.

Russia, which is also seeking accession to the World Trade Organization, was invited to take part in the talks at the organization's annual ministerial meeting in Paris, France.

"We have been waiting for this invitation for 11 years and worked hard to get it," Andrei Kondakov, the head of the ministry's department for economic cooperation, said.

Many analysts believe that Russia, which first applied for membership of the 30-member organization in 1996, has a good chance of being admitted to the club of nations which together account for some 60% of global GDP.

"When a country wants to join the WTO, the process [of accession] begins almost automatically, while an invitation to the OECD should be earned," the official said adding that "we must realize that we are talking about an accession process to the OECD and experience of other countries shows that it could take several years."

Established in 1948 to coordinate post-war European reconstruction aid under the Marshall Plan, the organization has evolved into a mechanism for maintaining the financial stability of its member states and promoting international trade.

The group also functions as an informal meeting place where high-ranking officials can discuss in non-binding terms a variety of economic and development issues.

Russia's involvement with the organization formally dates back to 1990, when an OECD Development Center was established to coordinate relations with transition economies. In 1994, a cooperation agreement was signed between the OECD and the Russian Federation, formalizing those relations.

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