South-East Asia’s largest economy looks to join OECD

The country aims to complete the accession to become the member of Paris-based Organisation for Economic Co-operation and Development (OECD) within two to three years, a senior Cabinet minister said.

South-East Asia’s largest economy hopes to attract more investment and trade deals by becoming OECD member.

The statement on Wednesday came after OECD, which has 38 member countries, decided last week to open discussion for Indonesia’s accession, following its application last July.

Chief economic minister Airlangga Hartarto said the country is optimistic about being accepted as an OECD member because he said Indonesia had already complied with the organisation’s standards, including for a fair economy and anti-corruption.

“We hope the process of becoming an OECD member can be completed within two to three years,” he said after holding a dinner event on Wednesday with the ambassadors of 33 OECD member countries.

Indonesia is the first South-East Asian nation applying for the organisation’s membership, according to OECD.

The minister said Indonesia will now jointly work with OECD to complete a roadmap document, which sets out the terms, conditions and process for accession, and aimed to present it at the OECD’s ministerial council meeting in May.

Indonesia’s accession process will go through a rigorous examination, which will cover issues of trade, anti-corruption, and climate change, to ensure the country meets OECD standards. — Reuters

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