Joint press release by the Ministry of Economic Affairs and Ministry of Foreign Affairs about the OECD Ministerial Meeting in Paris May 27-28 2010

5/28/10

Gylfi Magnusson Minister of Economic Affairs represented Iceland at the OECD Ministerial Council Meetings in Paris May 27-28 2010.

Discussions centered on the state of the member countries' economies, in particular with respect to the financial crisis and adjustments to fiscal balances and debt levels required by most industrialized countries.

The ministers exchanged views on current prospects for reducing unemployment as well as increasing international economic cooperation and promoting propriety, integrity and transparency in business affairs. New sources for green growth and innovation were also presented and discussed. The ministers discussed international trade and economic cooperation between member states and with states outside the OECD, in particular with respect to ongoing negotiations within the World Trade Organization.

In addition to Chile, which has recently joined the OECD, three other states have been offered membership, Estonia, Israel and Slovenia. Negotiations on the accession of Russia are also underway.

The ministers welcomed increased cooperation between OECD and Brazil, India, Indonesia, China and South-Africa all of which have an increasing role in international trade. Trading relationships lead to mutual benefit for all participants and will encourage these states to adopt further methodologies promoted by the OECD.

Following are links to official statements released at the conclusion of the OECD Ministerial Council Meetings.

Meeting of the Council at Ministerial Level, 27-28 May 2010 DECLARATION ON PROPRIETY, INTEGRITY AND TRANSPARENCY IN THE CONDUCT OF INTERNATIONAL BUSINESS AND FINANCE (Adopted at the Council Meeting at Ministerial Level on 28 May 2010)

Meeting of the Council at Ministerial Level, 27-28 May 2010 2010 MINISTERIAL CONCLUSIONS (Adopted at the Council Meeting at Ministerial Level on 28 May 2010)