Why Ukraine Should Join the Organization for Economic Cooperation and Development (OECD)
Friday, 17 November 2023
Ukraine is actively working on becoming a full member of the Organization for Economic Cooperation and Development (OECD) along with the rapid movement towards EU accession.
Despite the full-scale war, in October 2022, OECD recognised Ukraine as a potential member and initiated a dialogue on accession. A four-year programme for Ukraine was approved last summer. It helps implement organisation standards and pave the way for full membership.
The Ukrainian government has recently approved a phased plan for the implementation of this programme, describing specific practical steps and the responsible state bodies.
Membership in the Organization for Economic Cooperation and Development (OECD) is an important vector for country's recovery and development, as OECD is often referred to as the "club of successful countries." Not by accident organisation members account for over 62% of the world's GDP.
Moreover, it is one of the best platforms for analysis and exchange of experience in reforms and public policy. "Better policies for better lives" is the OECD's slogan, reflecting the organisation's mission for many years.
Ukraine's acceptance into the "club of successful countries" is a powerful signal to investors and an important indicator of Ukraine's readiness to join the EU.
Working with OECD and on eurointegration simulteniously are complementary processes. The organisation can serve as an economic mentor for Ukraine in implementing the joint programme and conducting reforms for the EU.
By joining the legal instruments, committees, and bodies of OECD, Ukraine can already reap numerous benefits: knowledge and data exchange with member countries, the best international practices, expert support in implementing standards, policy reviews, and recommendations, as well as accelerated reforms.
OECD members strictly adhere to the principles of democracy and the market economy. Before joining OECD, Ukraine will face a huge "homework" harmoniously linked to its eurointegration.
The process of joining OECD includes a thorough assessment of Ukraine's compliance with specific economic and legal criteria and recognised standards by over 20 technical committees.
Each candidate country is evaluated for suitability for comfortable and safe living and investment. The alignment of the candidate country with relevant tools, as well as its policies and practices, is assessed. To undergo the assessment, changes to legislation are required to align them with OECD standards and best practices.
Joining the organisation will require significant efforts from government agencies, political readiness for real changes, and coordination of all branches of power.
Ukraine will receive substantial support and comprehensive assistance from OECD working bodies and individual experts. It will cover all vital areas.
It is an opportunity not to waste time on one's own mistakes but to immediately consider the best practices of other countries in light of all risks and threats.
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