Indonesia aims to become OECD member in 2 to 3 years, senior minister says

By Thomson Reuters Feb 28, 2024 | 6:49 PM

JAKARTA (Reuters) – Indonesia aims to complete the accession to become the member of Paris-based Organisation for Economic Co-operation and Development (OECD) within two to three years, a senior cabinet minister said late on Wednesday.

The Southeast Asia’s largest economy hopes to attract more investment and trade deals by becoming OECD member.

The statement came after OECD, which has 38 member countries, decided last week to open discussion for Indonesia’s accession, following its application last July.

Chief economic minister Airlangga Hartarto said the country is optimistic about being accepted as an OECD member because he said Indonesia had already complied with the organisation’s standards, including for a fair economy and anti-corruption.

“Various principles are relatively the same…so basically we already complied with their (OECD) standards,” he said in a press conference after holding a dinner event on Wednesday with the ambassadors of 33 OECD member countries.

“We hope the process of becoming an OECD member can be completed within 2 to 3 years.”

Indonesia is the first Southeast Asian nation applying for the organisation’s membership, according to OECD.

The minister said Indonesia will now jointly work with OECD to complete a roadmap document, which sets out the terms, conditions and process for accession, and aimed to present it at the OECD’s ministerial council meeting in May.

Indonesia’s accession process will go through a rigorous examination, which will cover issues of trade, anti-corruption, and climate change, to ensure the country meets OECD standards.

The OECD said there is no deadline for completion of the accession process as the outcome is depending on the country’s capacity to adapt with OECD’s standards and best practices.

(Reporting by Stefanno Sulaiman; Editing by Lincoln Feast.)