Indonesia is eyeing membership in the Organization for Economic Co-operation and Development (OECD) within the next two to three years, with the aim of enhancing its trade landscape, a senior cabinet minister announced Wednesday.
As Southeast Asia's largest economy, Indonesia sees OECD membership as a strategic move to attract increased investment and foster beneficial trade agreements.
The decision to pursue OECD membership follows the organization's recent decision to begin discussions on Indonesia's accession bid, which was formally submitted in July last year. Chief Economic Minister Airlangga Hartarto expressed confidence in Indonesia's candidacy, noting the country's alignment with OECD standards, particularly in areas such as fair economic practices and anti-corruption measures.
"We hope the process of becoming an OECD member can be completed within 2 to 3 years," Minister Hartarto stated following a meeting with ambassadors from 33 OECD member countries.
Indonesia's bid marks a significant milestone as the first Southeast Asian nation to seek OECD membership. In collaboration with the OECD, Indonesia is developing a comprehensive roadmap outlining the terms, conditions, and procedures for accession. This roadmap is expected to be presented at the OECD's ministerial council meeting in May.
The accession process will involve a thorough examination of Indonesia's trade policies, anti-corruption efforts, and measures to address climate change. Compliance with OECD standards in these areas is crucial to Indonesia's successful integration into the organization.
While the timeline for accession remains flexible, Indonesia's progress toward OECD membership underscores its commitment to enhancing its trade environment and global economic integration.
