The main contenders to join besides Israel are Chile, Brazil, Russia, China, India, South Africa, Cyprus and the latest European Union members
The OECD, the Organization of Economic Cooperation and Development is due to hold ministerial meeting this week in Paris to consider expansion and vote for new members.
The organization, which includes 30 of the world's top economies will vote whether Israel could be granted full membership in the OECD. The main contenders to join besides Israel are Chile, Brazil, Russia, China, India, South Africa, Cyprus and the latest European Union members. The Finance Ministry believes Israel's chances of being accepted are good.
Allowing Israel to join the exclusive club would be a stamp of approval regarding the strength of its economy. Governor of the Bank of Israel Prof. Stanley Fischer told the Knesset Finance Committee last week that the Bank of Israel was making every effortfor Israel to join the OECD at the organization’s meeting.
He added that "Israel's acceptance into the OECD would be an important stage in its further integration into the global economy, as an open and modern economy,". Israel currently has an associate relationship with the OECD and is being considered for full membership. Last week, the US Senate passed a resolution that supports Israel's membership in the OECD.