Japanese Foreign Minister Kamikawa Yoko said Thailand’s OECD membership will attract private investment and encourage domestic reforms that can overcome the middle-income trap.
In her special article, “Is the OECD relevant for Thailand?”, published in The Bangkok Post yesterday, she pointed out that Thailand’s engagement with the OECD will benefit from the organization’s dataset and analysts.
She added that these resources can help Thailand to make necessary domestic reforms and overcoming the middle-income trap, according to Yoko, who is chairing OECD Ministerial Council Meeting (MCM).
Thailand applied to join the Paris based organization in February. This week Vice Foreign Minister Sihasak Phuangkhetkeo attended the MCM on behalf of former deputy prime minister and foreign minister Parnpree Bahindra-Nukra, who resigned last week.
The feedbacks from the first OECD Council meeting in March was very supportive of Thailand’s application. Bangkok hopes it could become a member within five years.
Meanwhile, Indonesia also has a similar plan. Jakarta last year applied to join the OECD and recently has set up a special committee to oversee the accession process.
Japan, as a leading member from Asia, is spearheading the OECD’s effort to vow more Asean members to join the organization as part of the overall strategy to deepen and broaden engagements with the Indo-Pacific countries.
Yoko reiterated by adopting the organization’s rules and standards, Thailand will attract private investment that can fill in the government’s financial needs and planning.
From the Japanese perspective, she stressed, the OCED must expand its diversity along with the change in the global economic dynamism. “The rule only serve their purpose when major stakeholders are involved in the formulation and implementation.”
Yoko stated inequitably that to achieve these objective, the key challenges is the organization’s greater engagement with Southeast Asia.
