Meeting with representatives of the OECD study mission in our country

The President of the BCCI Mr Tsvetan Simeonov held a meeting with representatives of the study mission of the Organization for Economic Co-operation and Development’s (OECD) Corporate Governance Committee - Daniel Blume, Director and Fianna Jurdant, Senior political analyst. The meeting was initiated by the OECD team as part of a series of discussions with ministries, departments, non-governmental organizations, etc. The purpose of the mission was to assess Bulgaria's progress in implementing the activities of joining the OECD.

The President Tsvetan Simeonov presented the activities of the Bulgarian Chamber of Commerce and Industry and the advantages of being its member, as well as his tasks as a rotating chairman of the Association of the Organizations of Bulgarian Employers (AOBR). The talks were focused on the obstacles and difficulties Bulgarian and foreign persons face when conducting business in Bulgaria and the actions taken to improve the business environment.

Mr Simeonov paid special attention to the Voluntary Unified Trade Register of the Chamber, open to Bulgarian merchants, associations and commercial representations of foreign entities. Its main cause and functions are to assist both the community and the business by supplying reliable information on the good standing of registered legal entities, which provides assurance for their commercial relations. The Trade Register is at the same time the main instrument for issuing and certifying subsequent documents as required in connection with their foreign trade activity.

In his presentation the President of the BCCI pointed out the effects of the Court of Arbitration at the Chamber - direct successor of the commercial arbitration established in the BCCI system as early as the 19th century, in 1897. He emphasized on the speed as a result of the single-instance nature of the proceedings, the cheaper proceedings and the competent adjudication of disputes. The CA at the BCCI offers many other possibilities for alternative dispute resolution under the Conciliation Rules, expedited proceedings, "Ad hoc" as well as mediation within a more expanded competence framework.

Context

• Joining the OECD is one of the main goals of the foreign policy of the Republic of Bulgaria. The goal is also cardinal for the Association of the Organizations of Bulgarian Employers and is enlisted as a priority for the year 2023.
• On January 25, 2022, a decision was adopted by the OECD Council to begin accession talks with Bulgaria and the other candidate countries.
• On June 10, 2022, Bulgaria officially received its Accession Roadmap, adopted by the OECD Council during the annual ministerial meeting, which took place on June 9-10, 2022 in Paris.