May 14, 2010 09:06
The OECD is broadening its scope by opening its doors to emerging economies rather than just advanced countries.
The organization agreed to invite Israel, Estonia and Slovenia to become new members in a Governing Council meeting in Paris on Monday, the Ministry of Foreign Affairs and Trade said on Thursday. The expansion brings the OECD's total membership to 34.
The Foreign Ministry said that with the growing importance of emerging economies on the international stage, the OECD is accepting more countries as a way to sharpen its capabilities in dealing with global economic issues.
In a Ministerial Council meeting in Paris in May 2007, the OECD decided to review the accession of Israel, Estonia, Slovenia, Chile and Russia. Chile became the 31st member this year and Russia's accession is still under review. The ministerial-level meeting also offered "enhanced engagement" status to China, Brazil, India, Indonesia and South Africa with a view to possible membership.
In the mid-1990s the OECD started to accept emerging countries like Mexico in 1994, the Czech Republic in 1995, and Korea, Hungary, and Poland in 1996. Since 2000, Slovakia and Chile have been invited.
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