Panpree Phitthanukorn, Deputy Prime Minister and Minister of Foreign Affairs Lead the Thailand team to submit a letter of intent to become a member. “Organization for Economic Co-operation and Development” (OECD) on April 16 at the OECD Headquarters in Paris, France.
“What will Thailand gain from becoming a member? OECD – What is the need to become a member?” is a question that Panpree is aware of. And he himself said that the government and related agencies need to expedite explanations for the people to understand.
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Panpree explained to “Prachachat Turakij” and the participating media reported on the submission of a letter of intent to apply for OECD membership in Paris thatThe benefits that Thailand will receive from becoming a member of the OECD are the raising of Thailand’s standards to be more international in many areas. Especially in the area of economics and trade. and transparency as well as legal aspects
In the economic development section A study by the Thailand Development Research Institute (TDRI) found that becoming a member of the OECD will cause Thailand’s gross domestic product (GDP) to grow by 1.6%, or a value of 270,000 million baht.
“Economic stability will be increased. Because the group of OECD member countries are developed countries. But Thailand is a developing country. We wish to move beyond the middle-income trap that we have fallen into for many years. And we wish to be ‘Developed countries’ are expected to be able to do this in 2037 (2037) or may be able to do it before then. If we can become a member of the OECD quickly, I believe that we will become a developed country faster.”
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As for the benefits that will occur to the general public Panpree said there will be more investment in Thailand. There will be more employment, and the OECD has plans to develop the green economy, technology, and AI, which will help build Thailand’s workforce to have more potential.
Panpree further explained the benefits of trade and investment. Improving Thailand’s transparency to OECD standards will help reduce the cost of doing business. And amending various regulations according to OECD standards will help with the Ease of Doing Business score, which is something that Thailand is already trying to do.
“When Thailand can resolve these issues Thailand’s trade will be very flourishing because of many things that today people who want to invest still have questions about us. Those are the same questions we are going to solve to meet OECD standards.” Deputy Prime Minister and Minister of Foreign Affairs said
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Cherdchai Chawaiwit Director-General of the Department of International Economic Affairs added that Thailand’s adjustment to OECD standards has made Thailand have higher standards. It will help Thailand to create a free trade agreement (FTA) with high standards. Currently, Thailand is unable to make a high standard FTA because Thailand’s internal regulations do not allow it to be done.
“Being a member of the OECD is like having a consultant to help us dress up to standards. Helps to speak with standards There are people who come to provide knowledge and teach people to adapt, so developed countries can make FTAs of high standards,” said the Director-General of the Department of International Economic Affairs.
Read the original news at: Economic Benefits What Thailand will gain from becoming a member of the OECD
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