Thailand is gearing up for a significant milestone in its economic journey by setting its sights on joining the Organisation for Economic Co-operation and Development (OECD). According to Foreign Minister Maris Sangiampongsa, the country is on track to submit its Initial Memorandum this December, a crucial step on the OECD Accession Roadmap. This process will involve a thorough review of Thailand’s laws, policies, and practices as the nation prepares to embrace OECD membership, with a target completion date set for 2030.
Thailand’s enthusiasm for this endeavor was palpable at the OECD Ministerial Council Meeting (MCM) in Paris this past Tuesday. This marked Thailand’s debut participation as an OECD Accession Country, a significant honor and responsibility. The prestigious gathering was held under the theme “Leading the way toward resilient, inclusive, and sustainable prosperity through rules-based trade, investment, and innovation.” Over 55 countries and international organizations were represented, including Costa Rica, which chaired the event.
The discussions at the MCM were as diverse as they were dynamic, covering vital topics like international trade policy, sustainable development, and digital economy advancement. They also touched on the expansion of OECD membership and the governance of artificial intelligence, a hot topic on the global stage.
Mr. Maris, speaking with vigor and vision, emphasized the role of high-quality investment in fueling Thailand’s growth trajectory. He announced the introduction of targeted and merit-based incentives to lure investments that align with the country’s green and innovative aspirations. “MSMEs, which make up over 35% of our GDP, stand to gain immensely from these streamlined regulations designed to bolster their integration into regional and global value chains,” he stated confidently.
But Thailand’s ambitions don’t stop there. The nation is also engaged in insightful dialogues with the European Union concerning the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR). Thailand’s designation as a “low-risk” country in these contexts is a testament to its commitment to environmental sustainability and offers tangible benefits for both farmers and global supply chains.
Reiterating Thailand’s dedication to responsible economic practices, Mr. Maris highlighted the country’s adherence to the OECD Declaration on International Investment and Multinational Enterprises. “By embedding responsible business conduct at the very core of our economic policies, we are paving the way for a more sustainable and equitable future,” he declared with a sense of pride and responsibility.
With the world watching and expectations running high, Thailand is poised to take its place in the global economic arena, aiming to finalize its OECD accession by 2030. The road ahead promises to be engaging and filled with challenges, yet Thailand’s resolute commitment to growth, sustainability, and innovation seems more robust than ever.
I think it’s fantastic that Thailand is aiming for OECD membership! It shows true commitment to global standards.
Well, let’s see how committed they really are once they start compromising local businesses for international guidelines.
Compromise or adaptation? That’s the real debate. Perhaps local businesses could innovate to meet those guidelines.
I don’t think everyone wants to adapt, especially if it costs more.
Isn’t it a bit ambitious for Thailand to aim for OECD standards by 2030? They’ve got a long way to go in terms of sustainable development.
People underestimate Thailand! They’ve made huge strides, especially in green technology.
Green technology is just a buzzword till it means something on the ground. Let’s not get carried away.
I live in Thailand and it’s true, not everything is perfect. But they’re trying, which is more than some developed countries can say.
Agreed, Rick! Efforts should be acknowledged even if they aren’t perfect yet.
Accession to OECD could mean a lot for Thai MSMEs, but are they ready? How is the government planning to support them?
MSMEs usually get left behind in these upgrades. The big players always take the lion’s share.
Sad but true, Paul! Hopefully, Thailand does a better job at inclusive progress.
Thailand’s ‘low-risk’ status on environmental issues is a sham. The realities on the ground are much different.
There are issues, but labeling it a ‘sham’ discredits real progress. Be balanced in critique.
Balanced critique often means justifying the unjust. Call it what it is.
I believe in giving credit where it’s due, but also holding accountable where it’s necessary.
I wonder how Thailand’s compliance with international policies on carbon emissions will affect their agriculture.
Thailand’s focus seems more on impressing the international audience rather than looking at internal issues.
For a country as diverse as Thailand, balancing international and domestic needs is no easy feat.
Totally agree. Too often the global image takes priority over the needs of actual citizens.
Yes, and hopefully they find the right equilibrium soon.
There’s more transparency in OECD member countries, which is sorely needed in Thai politics.
This is exciting news! Thailand in OECD will be great for the region’s economic strength.
As a frequent traveler to Thailand, I’ve seen improvements, but let’s face it, this OECD thing is more of a show.
The commitment to international standards is impressive, but will it truly benefit the average Thai citizen?
History says no. The rich get richer, the poor — well, good luck to them.
Then maybe it’s time for history to change.