Indonesia expedites effort towards OECD Membership 

01 Nov 2023

Business News
Multilateral Cooperation

Image source: Presidential Secretariat Press Bureau


Indonesian is expediting its efforts to be a full member of the Organization for Economic Cooperation and Development's (OECD). 


Indonesian Trade Minister Zulkifli Hasan, in a meeting with the organization's Secretary-General Mathias Cormann in Osaka, Japan, on October 28, 2022, communicated the country’s goal to gain support in quickening its accession process into the OECD, while also pointing out that the group should grow to include a larger number of developing nations. 


As part of its preparations to become a member, Indonesia is now assembling a special team to oversee the accession process and analyze OECD norms and guidelines that apply to domestic laws. 


According to Mr. Hasan, Indonesia would experience "enhancement in the quality of trade policies" as a full member of the organization, making it one of the key players directing the growth of international trade and the global economy. 


On the other side, he continued, Indonesia's membership will help the OECD since it may serve as a symbol of the Global South and growing economies. 


The OECD is an intergovernmental organization with 38 member nations. It works and aims toward the attainment of a robust, sustainable, and equitable global economy. 


Indonesia is expected to get a number of advantages from full membership in the organization, including assistance with domestic reformation via expert access, data and statistics, best practice exchange, and peer review. 


In July, President Joko Widodo issued an order accelerating Indonesia's OECD membership. Numerous cooperative initiatives have been started, such as Coordinating Economic Minister Airlangga Hartarto's letter of intent to the OECD secretary-general. 


Also, in October, several of Indonesia’s senior ministers were involved in the nation’s negotiations to gain OECD membership. Minister of Finance Sri Mulyani attended the OECD Council Meeting in Paris, France, on October 10, several days before Minister of Industry Agus Gumiwang Kartasasmita also met with OECD Secretary General Mathias Cormann on October 2 in the same city. 


Numerous countries have responded favorably to Indonesia's initiatives, including Chile, Norway, Australia, France, Japan, and the United Kingdom. Most recently, Lithuania, a member of the 38-member group since 2018, has also conveyed its support.