Israel, New OECD Member

In September 2010 Israel became a full member of the Organization for Economic Co-operation and Development (OECD), an organization incorporating thirty-four democratic market economies.

The OECD, which celebrates its 50th Anniversary in 2011, serves as a platform for comparing policy performance, finding solutions to common difficulties, identifying overlapping practice codes, formulating policy guidelines and improving the economic and social welfare of OECD member countries, as well as other countries around the world.

In an era of global economy, policy makers need global comparative statistics and benchmark targets, accepted international norms and best practice guidelines. The OECD, a forum of the world’s most advanced countries, is the ideal forum for the development of such tools.

Israel's accession was made possible thanks to the responsible and balanced economic policies enacted in recent decades, policies which include: reducing the national debt, maintaining a strict fiscal framework, development of oriented reforms and liberalization of the capital markets.

Israel's accession process lasted three years, during which time Israel was required to amend its legislation to conform to the high standards imposed by the Organization. Amendments were made in the following areas: public administration, education, agriculture, trade, financial services, taxation, budget management, labor and welfare, environment, communications policy and national statistics. Israel's admittance to the OECD is the result of a strategic decision implemented through the common effort and unprecedented cooperation of most government ministries. The successful completion of this process indicates the successful maturation of a public system now capable of dealing with challenges of such magnitude.

Israel's membership in the OECD will bring long-term security for international investors and service providers. It is also expected to have a positive effect on Israel's credit rating, the promotion and facilitation of internal reforms and Israel's ability to take part in formulating international standards. In addition, it will connect government ministries and authorities with the world's most prestigious research centers, provide professionals from a variety of areas of public policy with access to centers of knowledge and expertise in developed countries and will position Israel in line with the leading countries of the developed world.

Written by Dr. Yuval Steinitz, Israel's Minister of Finance at the time Israel became an OECD member.

The stamp was issued in 2011, design: T. Ovadia.