Israel Joined the OECD

• See full article in Economic Highlights Q2 2010 Newsletter

Israel was invited as a full member in the OECD on May 10th.

Becoming a member state of the OECD will lead to economic improvements and enhance Israel's image, as well as improving the functioning of various sectors in Israel's society and economy, including environment, education and employment. The improvement and upgrading process will continue even after Israel joins the OECD as part of the government’s commitment to ongoing peer review by the organization and to adjust its regulation policy to the standards held by members.

Implications derived from Israel's accession to the OECD:

1. International recognition of the quality of the Israeli governmental policy regarding regulation, administration and good governance.
2. Attraction of foreign investors who rely on the "quality stamp" provided by the OECD.
3. OECD members are likely to have a positive influence on Israel's credit rating, which may reduce the costs of Israel's debt recruitment.
4. Israel will be required to meet OECD standards and will become a full partner in the establishment of new international standards.
5. Israel will adopt formal methodologies for collecting data and performing statistical analysis for use in international comparisons and for taking political decisions.
6. These changes will help Israel enact internal economic reforms through peer reviews and participation in OECD committees. In addition, it will allow for the analyzing of social needs and the decreasing of inequality.
7. Israel will implement reforms in the area of environmental protection.

See More:

• Official Ministry of Finance press release
• Official OECD Council decision
• Israel's Accession Agreement signing ceremony
• OECD Israel page

Watch:

• Announcement press conference (May 10th)
• OECD Public Council session on accession (May 27th)
• OECD press conference on accession (May 27th)