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On October 30, 2024, the Organization for Economic Cooperation and Development (OECD) officially announced the start of the accession process of the Thailand. The move marks a significant step for Southeast Asia’s second-largest economy, which had expressed its willingness to join the organization in February. The membership process includes an in-depth assessment of Thailand’s standards and policies, carried out by technical committees, to determine its alignment with the best practices of this international organization.
On October 30, 2024, the Organization for Economic Cooperation and Development (OECD) officially launched the membership process of the Thailand, following a request made by the country in February of the same year. The move marks a significant step for one of Southeast Asia’s leading economies as it seeks to align its policies with OECD standards and best practices. The membership process will include rigorous assessments within various areas such as governance and the fight against corruption.
Membership Roadmap Details
The official delivery of the accession roadmap took place at Bangkok, and it sets out the terms, conditions and procedures for Thailand to become a member of the OECD. According to the organization, the process will require an in-depth assessment of Thailand’s alignment with OECD-recommended standards and policies, which will be conducted by 26 technical committees. This framework aims to ensure that Thailand meets high standards in economic and social development.
Areas of assessment
Thailand’s OECD accession process will cover several key areas. Among the elements reviewed are the governance, which aims to optimize rules and regulations in public policy, and the fight against corruption, essential for building trust within public institutions. Additionally, the organization will review theopenness to investments and the environmental protection, two crucial aspects for the sustainable development of the country.
Duration and prospects of the accession process
It should be noted that there is no fixed deadline for the completion of the membership process. As the OECD indicates, “its outcome and timetable depend on the pace at which each candidate country adapts its practices and makes the necessary adjustments to better comply with OECD standards.” Thai officials estimate that it could take around five years to finalize these membership procedures. This requires strong commitment and substantial reforms in several sectors of the country.
Discussions prior to membership
Discussions between the OECD and Thailand began in June 2024, after the country’s official request in February. This launch demonstrates the OECD’s growing commitment to Southeast Asian countries, with Thailand ahead of other countries in the region in this integration process. The OECD has also recently started a membership discussion with theIndonesia, thus highlighting the growing interest in the region’s emerging economies.
Importance of membership for Thailand
Becoming a member of the OECD could have significant benefits for Thailand. This would allow the country to access a wide range of resources and best practices in economic and social policy. Membership can also strengthen Thailand’s credibility on the international stage, and foster an attractive business climate for investors. By complying with OECD standards, the country aspires to improve its investment environment, which could, in the long term, boost its economic growth.
For more information on this initiative, you can consult the official OECD press release at the following address: link to OECD. Other perspectives on the current situation in Southeast Asian countries are available from sources like the public treasury or even Southeast Asia.
Key points on Thailand’s OECD membership
- Announcement date: October 30, 2024
- Membership request: Presented by Thailand in February 2024
- Submission of the roadmap: Performed in Bangkok
- Objective : Alignment with OECD standards
- Assessment : Carried out by 26 technical committees
- Examination area: Governance and fight against corruption
- Time limit : No limit set for completion
- Current discussion: Regarding openness to investments
- Anticipation: About five years to finalize the process
- Regional context: Second Southeast Asian economy to apply for membership
FAQs on Thailand’s OECD membership
When does Thailand’s OECD membership process start? The accession process officially began in October 2024 when the roadmap was handed over in Bangkok.
How did Thailand initiate its membership application? Thailand submitted a formal application for membership in February 2024.
What steps does the OECD membership process include? The process includes a rigorous assessment of Thailand’s alignment with OECD standards and best practices, conducted by 26 technical committees.
What areas will be examined as part of this process? Areas examined include governance, anti-corruption, openness to investment, and environmental protection.
Is there a fixed deadline for membership? No, there is no predefined deadline. The pace of accession depends on Thailand’s ability to adapt and make the necessary reforms.
When did membership discussions between the OECD and Thailand begin? Discussions began in June 2024, following Thailand’s formal request in February.
Are other Southeast Asian countries also seeking to join the OECD? Yes, the OECD has also started accession discussions with Indonesia in February 2024.