US reportedly supports Romania’s OECD membership

The United States fully supports Romania in its attempts to become a member of the Organisation for Economic Cooperation and Development (OECD), business environment minister Radu Oprea said after he met US trade secretary Wilbur Ross in Washington, according to local Ziarul Financiar. Over the past two years, Romania received endorsement from France and Germany for OECD membership, but the United Kingdom and the United States had not expressed their views yet. But the recommendations included in the last country report as outlined by CursDeGuvernare.ro indicate many technical pre-requisite reforms needed. Romania opened discussions on OECD membership for the first time in 2004, and renewed its applications in 2012, 2016 and 2017. OECD brings together world’s 35 most developed economies and Romania is an associate member. Full membership would bring immediate benefits. For instance, the pension funds of the OECD countries can only invest in the member states of the club, therefore Romania, once a member, could benefit from new portfolio investors. In addition, the country's rating would increase, so the cost of funding would decrease. The credibility of the country in general would improve and direct investment would increase. editor@romania-insider.com (photo source: Pexels.com)