2 min read –
Indonesia put its first step forward to access OECD.
Before we see why that was an historic moment, let us look at what OECD is.
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental organization based in Paris.
It includes 38 member countries in both advanced and emerging economies.
It was founded in 1961 to stimulate economic progress and world trade.
Its origin dates after the World War II with the Marshall Plan for European reconstruction.
The OECD works to build better policies for better lives, shaping policies that foster prosperity, equality, opportunity, and well-being for all.
It covers a wide range of policy areas, including:
➡ Social
➡ Economic
➡ Governance
➡ Transparency
➡ Environmental
➡ Statistics and Data
➡ Trade and Investment
➡ Science and Innovation
During the OECD Ministerial meeting held in Paris last week, OECD presented the Accession Roadmap to Indonesia.
Making Indonesia the first Southeast Asian country to pursue OECD membership. The historic moment.
The Roadmap outlines Indonesia’s journey towards aligning with OECD standards and best practices.
The accession process involves evaluations by 26 technical committees covering the following areas:
1. Investment & Responsible Business Conduct
2. Employment, Labour and Social Affairs
3. Economic and Development Review
4. Scientific and Technological Policy
5. Bribery in International Business
6. Insurance and Private Pensions
7. Statistics and Statistical Policy
8. Regional Development Policy
9. Chemicals & Biotechnology
10. Trade and Export Credits
11. Corporate Governance
12. Senior Budget Officials
13. Environment Policy
14. Public Governance
15. Financial Markets
16. Regulatory Policy
17. Consumer Policy
18. Education Policy
19. Digital Policy
20. Shipbuilding
21. Competition
22. Fiscal Affairs
23. Agriculture
24. Fisheries
25. Health
26. Steel
Recommendations from these evaluations may lead to reforms in Indonesia’s legislation and policies.
There’s no fixed deadline for completion, and the timeline depends on Indonesia’s progress in alignment.
The process is estimated to be completed in 2026 or 2027.
Ultimately, OECD Member countries will make a unanimous decision regarding Indonesia’s membership invitation.
Indonesia, the Southeast Asia’s largest economy hopes to attract more investment and trade deals by becoming OECD member.
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PS: The OECD 38 member countries are split in 3 groups of 4, 6 and 28 countries in 3 continents Americas, Europe, Asia.
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Source and picture : OECD website.