On June 20th, 2007 Israel submitted an official request to join the OECD. "Israel: Ready for the OECD," published by the Ministry of Finance's International Department, expresses Israel's ability and political willingness to adopt the principles, philosophies, and values of the OECD.

The Organization for Economic Co-operation and Development (OECD) is a unique forum for the governments of 30 market economies with democratic political systems who produce almost 60% of the world's goods and services. The OECD's goal is to both promote cooperation and exploit opportunities in economic, social and governance challenges of globalization. The organization provides a setting for policy makers to establish benchmarks determining best practices and international standards.

If Israel is successful in joining the OECD, it will need to reform economic legislation, policy and legal instruments to suit OECD standards. These standards include resolutions, declarations and recommendations, similar to the OECD Declaration on the Issue of International Investment and Projects that Israel joined in 2002.

There is great recognition in Israel of the importance of joining a prestigious international organization such as the OECD. Israel's participation can expose her to new developments in the organization and in the member countries.

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Sources

Ministry of Finance, International Department.

Tal Levi, The Marker, 2/6/07, full article (Hebrew only).