Israel could get OECD stamp of approval next week

Israel currently has an associate relationship with the OECD and is being considered for full membership.

May 10, 2007 07:17
1 minute read.


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Israel could be granted full membership in the Organization for Economic Co-operation and Development at the organization's ministerial meeting next week for the voting in of new members. "The OECD is currently deliberating on the enlargement of the organization," said Bank of Israel Governor Stanley Fischer Wednesday as he presented the central bank's annual report to the Knesset Finance Committee. "The Bank of Israel, together with relevant government ministries, has been engaged in a process, which we hope will lead to Israel's membership of the OECD." Israel currently has an associate relationship with the OECD and is being considered for full membership. The finance ministers of the 30 OECD countries will meet Tuesday and Wednesday next week in Paris and are expected to vote on the proposals of new members, which apart from Israel, include Brazil, Russia, China and India among others. "Finance ministry sources believe that Israel has the best chance ever to being voted into OECD membership next week," noted Ayelet Nir, chief economist at the IBI investment bank, in a weekly report. "The high chance of Israel to be voted into OECD membership is expected to further strengthen the shekel." Last week, the US Senate passed a resolution by unanimous consent that supports Israel's membership in the OECD. The resolution mentioned the strength and vibrancy of Israel's economy and asserted that Israel's membership "would strengthen the OECD because of Israel's high living standard, liberal and stable markets, and commitment to democratic values." "Israel's acceptance into the OECD would be an important stage in its further integration into the global economy, as an open and modern economy," said Fischer.

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