Thailand is making strides towards joining the Organization for Economic Cooperation and Development (OECD).
Parnpree Bahiddha-Nukara, Deputy Prime Minister and Minister of Foreign Affairs, announced details after Thailand submitted an application for OECD membership. The announcement came during an event attended by representatives from OECD member countries and the European Union.
While three countries raised important questions, the majority supported Thailand’s application. Thailand highlighted its readiness and its longstanding relations with the OECD, which span over 42 years.
A study by the Thailand Development Research Institute (TDRI) indicates that joining the OECD could boost Thailand’s GDP by 1.6% or about 200 billion baht, underlining the economic benefits of membership. OECD membership would likely increase investment, create jobs, and enhance the capabilities of the country’s workforce.
Parnpree stated that OECD membership would provide greater economic stability for Thailand and elevate its international stature, as the OECD comprises developed countries. He expressed optimism that joining the OECD would help advance Thailand to developed country status by 2037.
However, Minister Parnpree acknowledged challenges such as aligning laws and policies with international standards, which necessitate a public understanding of the benefits of joining. A committee has been formed to accelerate the membership process. (NNT)
