Israel should attain full membership in the Organization for Economic Cooperation and Development by May 2010, according to reports following a meeting between Israeli Finance Minister Yuval Steinitz and OECD Secretary-General Angel Gurria. By the end of the year, Israel will undergo a series of hearings regarding economic development before OECD releases a report assessing the country’s economy.
The OECD accepts member nations based on their dedication to free markets and a representative democracy. The organization gathers statistical information on member nations in order to promote globalization, increase international trade, and curb unemployment. However, inclusion in the organization primarily represents prestige for having thriving economies.
In 2007, the OECD offered Israel admittance to the organization, claiming that the application process would last approximately one year. The global economic crisis partially resulted in the delayed process. For approximately 20 years, Israel sought admission to the organization but was rebuffed based primarily on political considerations.
