Israel completes first stage of OECD membership

Israel committed itself to adopting the accepted legal foundations for group members regarding policy, legislation and implementation
 
Israel has completed the first stage of joining the Organization for Economic Co-operation and Development (OECD).
 
Finance Minister Ronnie Bar-On said last Tuesday that "The progress we have made on the path to OECD membership is a sign of the trust in the resilience of Israel's economy, and emphasizes our obligation to continue to maintain a responsible economic policy, even at times of political uncertainty and a global economic slowdown".
 
In May 2007 the OECD invited Israel to start the accession process to join the organization. Israel's target for meeting the organization's standards is the end of 2009. Israel will join four other countries - Russia, Estonia, Slovenia and Chile - in attempting to gain membership to the OECD, which today is made up of 30 of the most economically developed states.
 
In this stage, Israel committed itself to adopting the accepted legal foundations for group members regarding policy, legislation and implementation. The commitment was submitted at the end of July. Following the submission, the OECD confirmed Israel's completion of the first stage of accession.