Thailand sets sights on joining Organisation for Economic Co-operation and Development by 2030
Thailand's eyes are set on joining the Organisation for Economic Co-operation and Development (OECD) by 2030, aiming to align its policies with international standards and boost global investments. The Southeast Asia Regional Forum held in Bangkok by the Foreign Affairs Ministry and the OECD this year was a major step in strengthening connections between OECD member states and Southeast Asian countries.
For years, the OECD has grown from its initial 20 member countries in 1960 to the current 38, with eight more, like Argentina, Brazil, Bulgaria, Croatia, Peru, Romania, Thailand, and Indonesia, in various stages of accession talks. Thailand and Indonesia lead the pack as the first countries in the region to officially start the accession process.
Chutinthorn Gongsakdi, Secretary to the Foreign Affairs Minister, announced at the "OECD Membership -- The Journey and the Destination" forum that a committee steering OECD accession was established in March. He emphasized that the journey, though challenging and long, is a crucial one that aligns with the 2030 Sustainable Development Goals.
The OECD membership process follows a structured timeline with technical alignment at its core. Thailand is working on a "Preliminary Memorandum," a self-assessment of its alignment with OECD standards, which will be submitted to the OECD's technical committees for review. The accession process will progress into a more in-depth evaluation phase, covering a wide range of policy areas, and eventually leading to an official opinion and a final decision by the OECD Council.
Thailand's cooperation priorities with the OECD include anti-corruption, foreign direct investment facilitation, responsible business conduct, green transition, AI, digital economy development, and ageing society policies. Gita Kothari, OECD Accession Coordinator, praised Thailand's clear goal, which she said would help maintain political momentum. She also highlighted the benefits of OECD membership for Thailand, such as enhancing its role in global economic platforms, attracting foreign investments, and shaping international economic regulations.
This strategic move by Thailand not only signifies a technical compliance exercise but also a transformation to elevate its position in global economic governance. The OECD assessment focuses on market economy standards, democratic governance, sustainable development, and social policies, hoping to reap economic advantages such as increased productivity, trade integration, and investment influx.
In alignment with Thailand's goal to join the OECD by 2030, the country has established a committee for OECD accession in March 2021, signifying a significant step forward in this journey. Thailand is currently working on a "Preliminary Memorandum" to assess its alignment with OECD standards, which will be reviewed by the OECD's technical committees. This process is part of the OECD's structured timeline that aims to strengthen Thailand's role in global economic governance, attract foreign investments, and promote responsible business conduct.
