Israel has been trying to join the OECD since 2000, and, according to the published data, it meets the economic and institutional criteria necessary to join this body soon
A steering committee set up by the government to coordinate efforts to join the OECD was convened last week in Jerusalem. The committee, which consists of representatives from various ministries as well as the Bank of Israel, was entrusted to prepare a report in favor of Israel joining the organization. The OECD will decide whether to include Israel in 2007.
The OECD groups 30 member countries sharing a commitment to democratic government and the market economy.
The OECD plays a prominent role in fostering good governance in the public service and in corporate activity. It helps governments to ensure the responsiveness of key economic areas with sectoral monitoring.
Israel has been trying to join the OECD since 2000, and, according to the published data, it meets the economic and institutional criteria necessary to join this body.
Israeli officials believe that joining the OECD will help Israel attract foreign investment, and could enhance its status as a global market and within international financial institutions.
The committee decided to prepare a report detailing Israel's compliance to the OECD membership criteria, focusing on financial services, insurance, competition, trade restrictions, fiscal mattersetc.
The committee has recommended that Israel should take the necessary steps to join. The OECD Convention Against Bribery of Foreign Public Officials in International Business Transactionsaimed at reducing corruption in by sanctioning bribery in international business transactions carried out by companies based in the Convention member countries. Its goal is to create a truly level playing field in today's international business environment.
The convention came into effect in February 1999. Countries that have signed the Convention are required to put in place legislation that criminalises the act of bribing a foreign public official.
