‘Accession Process’ formally kicks off
PUBLISHED : 31 Oct 2024 at 06:20
Thailand hopes to join the Organisation for Economic Co-operation and Development (OECD) as it sees rising opportunities from a strategic convergence between the two, according to Foreign Minister Maris Sangiampongsa.
Mr Maris was speaking on Wednesday during the launch of Thailand’s OECD Accession Process to formally kick off the nation’s journey to join the bloc.
The event was arranged by the Ministry of Foreign Affairs and the Office of the National Economic and Social Development Council (NESDC).
On June 17, the OECD decided to invite Thailand to start accession discussions, making it an official candidate country.
That marks a monumental step towards membership, for which Thailand submitted a Letter of Intent on Feb 12, observers say.
Looking ahead, Thailand and the OECD will draft an Accession Roadmap to set the goals, conditions and timeframe concerning implementation of various OECD instruments which is needed before it can join.
When the roadmap is implemented, the OECD Council will consider inviting Thailand to become a member.
Mr Maris said Thailand would like to raise its business ecosystem by making it more competitive, making the public sector more transparent and efficient, transforming the economy to be more resilient and sustainable, and creating inclusive growth.
“Simply put, Thailand is ready to take steps to be fit for the future,” he said.
The OECD needs reliable partners and Thailand’s membership would help enlarge the group of like-minded countries that share political and economic values and are ready to elevate cooperation in various dimensions, Mr Maris said.
Thailand would like to enhance its role in global policy making to contribute to peace, prosperity and progress — both for the region and beyond, he added.
OECD secretary-general Mathias Cormann said during his keynote speech that the kingdom had been demonstrating its economic strength and potential for several decades.
Thailand’s income level is narrowing the gap with OECD members in terms of GDP per capita, having jumped from 27% to 38% of the OECD average by 2020.
FDI is also rising as a result of the liberalising impact of the 1999 Foreign Business Act, Mr Mathias noted.