Ukraine takes first step towards joining OECD economic group
Reuters
Published Oct 05, 2022 15:47
PARIS (Reuters) - Ukraine took a first step in the process towards joining the Organisation for Economic Cooperation and Development on Wednesday after the OECD said it could be a prospective member.
OECD Secretary General Mathias Cormann said the policy forum's 38 members decided to recognise Ukraine as a prospective member following a request from Kyiv.
After an initial accession dialogue, member countries would then consider opening accession discussions and preparing a draft roadmap for joining, Cormann said in a statement.
The accession procedure is complex and can be long with prospective members required to demonstrate or bring their policies up to OECD standards in such areas as anti-bribery measures, tax, the environment and statistics.
Gaining access to the organisation is considered recognition that a country's economy has reached a level on par with other developed, industrialised countries that make up its members.
"The OECD remains committed to Ukraine and its people. We support its reconstruction and recovery efforts and hope for the quick restoration of peace and stability across the whole of the sovereign territory of Ukraine," Cormann said.
OECD members closed Russia's accession process after Moscow invaded Ukraine in February. Russia's efforts to join had been suspended since Moscow seized Crimea in 2014.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.