On 13 April 2000, the 7th Saeima adopted the Commercial Law in its third and final reading – one of the most important legal foundations of Latvia’s market economy. The transcript records the vote: 85 deputies in favor, 1 against, none abstaining. The law defined merchants and commercial activity, and established rules for the commercial register, trade names, procuration, partnerships, capital companies, and reorganization. It helped organize the legal environment for business as Latvia moved toward accession to the European Union.

The Commercial Law was a major part of the reform of private law and business regulation after Latvia regained independence. Although it was adopted on 13 April 2000, it came fully into force on 1 January 2002, giving businesses and public institutions a transition period.