OECD accepts Israel

The OECD has accepted Israel as its newest member, following the approval by the OECD Council.

The OECD has accepted Israel as its newest member, following the approval by the 31 national ambassadors on the OECD Council today.

Israel began the OECD accession process exactly three years ago. The formal accession ceremony will be held at the organization's Paris headquarters on May 27.

Despite some concern that countries such as Norway or Sweden might torpedo Israel's accession for political reasons, the OECD Council voted early in its meeting to accept Israel's membership, just minutes ago.

Minister of Finance Yuval Steinitz welcomed the announcement, saying, "Israel's accession to this prestigious club was made possible thanks to responsible and balanced economic policies in recent decades. These policies included reduction of Israel's debt, maintaining fiscal and development policies, and making the capital market more sophisticated.

"The announcement of Israel's accession to the OECD is a mark of respect for the Israeli economy, and naturally fills our hearts with pride. It should nevertheless be remembered that while this is a day of celebration and importance, we have only just set out on the road. Israel will have to continue to prove its economic soundness and stability, and as of today, also meet binding standards and rules."

Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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