Thailand has submitted a letter of intent to join the Paris-based Organization for Economic Cooperation and Development (OECD), according to a highly placed source.

The Cabinet recently approved the letter of intent, paving the way for Thailand to begin negotiations with the Organization for Economic Cooperation and Development, the source said. In Davos, Switzerland, during the scheduled meetings between Prime Minister Srettha Thavisin and OECD Secretary General Mathias Corman, the membership negotiation will be at the top of the agenda.

After the submission of the letter, the approval process is expected to take 5-7 years. Japan and South Korea are the only two Asian permanent members of the organization of developed countries.

The OECD is an international organization with 38 member countries founded back in 1961 to promote economic progress, world trade, and good governance. Thailand and the OECD have very close ties with the ongoing Phase 2 country program, which aims to assist Thailand in proceeding with reforms and moving closer to OECD overall standards.

According to the source, Phase 2 is made up of 20 projects organized under four key pillars: 1) good governance, 2) business climate and competitiveness, 3) social inclusion and human capital development, and 4) green recovery.

Indonesia submitted the letter of intent last year. Among the ASEAN members, both countries have been more enthusiastic about joining the OECD as the most efficient way to increase confidence among foreign investors and promote economic standards.