OECD nations have said they hope that faster decision making will make it possible to admit new members and give the organization a more global, and less European, bias
Seeking relevance in a changing world, the Organization for Economic Cooperation and Development OECD will soon take a major step toward enlargement of the organization when it adopts a new rule book.
OECD nations have said they hope that faster decision making will make it possible to admit new members and give the organization a more global, and less European, bias.
Diplomats based in Paris said last week that 6 to 10 countries could join the organization by 2012, potentially raising membership to about 40, from 30 at present. OECD member states will vote on the expansion of the body , with Israel, Chile, Russia, India, Brazil and China also set to become full members.
Full membership will automatically improve Israel's credit rating, widen Israel's exposure to international bidders and invite foreign investors.
Israel will also benefit from exchanging information and data in the economic and social fields with leading industrialized nations.
All members have to approve the candidacy of a state's for it to become a full member.
Efforts to join the OECD were launched in 1996 under then-prime minister Benjamin Netanyahu, who requested the Bank of Israel and the Finance Ministry to convince objecting members to change their position.
In recent talks with Bank of Israel Governor, Prof. Stanley Fischer, OECD secretary-general Donald Johnston, and Bank of France Governor Christian Noyer expressed their support for Israel joining the body.
