The Organization for Economic Cooperation and Development (OECD) invited last Wednesday Israel, along with Russia, Estonia, Slovenia and Chile to join the Organization
The OECD has not yet stipulated the conditions for Israel's joining the organization, and said such a process could take up to two years.
The conditions for joining will be worked out between OECD and Israeli government officials, the Israeli finance ministry said: "This is a step that expresses confidence in the Israeli economy, in its strength and in its ability to develop," Prime MinisterEhud Olmert said in a statement.
"There is no doubt that the country will be able to enjoy additional investments from all over the world." The governor of the Bank of Israel, Professor Stanley Fischer, said "the OECD's invitation reflects the strong economic standing of the Israeli economy and will help to further integrate the Israeli economy into the global economy”.
Negotiations are expected to take approximately 18 months, during which Israel will need to bring its economic regulations in line with those of the OECD. The OECD currently has 30 members, and is a forum for its members to discuss and attempt to coordinate economic policies. Its head office is in Paris.
President of the Israeli Chamber of Commerce Uriel Lynn said that: "There is no doubt that a full membership in the OECD will give Israel's economy the same status as that of some of the world's most advanced economies”.