Indonesia Eyes Oecd Membership To Accelerate Economic Transition

JAKARTA, Feb 29 (Bernama) -- Indonesia is setting its sights on joining the Organisation for Economic Co-operation and Development (OECD) within two to three years, a pivotal move in its economic shift towards the Golden Vision 2045.

Coordinating Economic Affairs Minister Airlangga Hartarto highlighted the importance of this global partnership in the country’s strategy to boost productivity and competitiveness and steer clear of the middle-income trap.

The OECD, established in 1961 with 38 member nations, and headquartered in Paris, focuses on driving economic progress and international trade. Talks between Indonesia and the OECD on membership kicked off on Feb 20, he stated in a statement.

“As the first country in Southeast Asia invited to engage in accession discussions with the OECD and as the largest economy in the region with the fastest growth in the world, Indonesia is committed to deepening integration and paving the way for transformative growth and resilience,” Airlangga noted.

Following the decision to initiate these discussions, the ministry outlined a roadmap, aiming to identify policy gaps against OECD standards. The Accession Roadmap will be unveiled at the OECD Ministerial Level Meeting in May, followed by policy and regulatory alignment.

Indonesia’s accession process is expected to fuel sustainable structural reforms and enhance policies and regulations, aligning them with OECD benchmarks. This move is poised to bolster global confidence, trade, and investment, particularly in technology collaboration and innovation.

It will also expand market access for local exports and bolster key sectors like healthcare, education, employment, and infrastructure.

OECD secretary-general Mathias Cormann underscored Indonesia’s significance as Southeast Asia’s largest economy and the world’s third-largest democracy.

“Through the accession discussions, the OECD will provide support to Indonesia as it continues on its ambitious reform journey towards achieving its vision of becoming an advanced economy by 2045,” he  added.

-- BERNAMA