Thailand has applied to join the Organization for Economic Cooperation and Development (OECD), hoping it will help boost economic growth.
Foreign Affairs Minister Parnpree Bahiddha-Nukara submitted a letter of intent on Tuesday demonstrating the country's desire to become an OECD member to Mathias Cormann, secretary-general of the OECD, at its headquarters in Paris, France.
Mr Parnpree also delivered a speech underscoring Thailand's readiness and strong determination to become an OECD member as soon as possible.
The minister emphasised that Thailand shared common values and goals with other OECD members, in particular, democracy, rule of law, human rights, an open and free market economy, sustainability, inclusivity and efforts towards a green transition.
He also highlighted Thailand's 42-year engagement with the OECD and its long-term aspiration to become an advanced economy by 2037.
Member countries took turns to voice support for Thailand's membership request and immediate accession process to become an OECD member.
The OECD, comprising 38 member countries, plays a key role in international governance regarding the economy, trade, investment, anti-corruption, education, innovation, environment, and climate change.
Inspired by the vision of "Better policies for better lives", the OECD assists member countries in designing efficient public policy.
Speaking after the speech, Mr Parnpree said Thailand is the only country in Asean that has been working closely with the OECD for 42 years.
This helps upgrade the country's business standards, good governance, trade, the environment, competitiveness and the green economy.
He also cited a study by the Thailand Development Research Institute which shows that becoming an OECD member will help boost GDP by 1.6%, with an estimated economic value of about 270 billion baht.
Mr Parnpree said becoming an OECD member will strengthen Thailand's economic security as other members are developed countries.
Thailand is seeking to overcome the so-called middle-income trap and hopes to become a developed country by 2037, he said.
Being an OECD member will help attract more foreign investment into Thailand, which in turn will create more jobs for locals, he said. The OECD's Green Growth Strategy will also benefit Thailand as it will help with the kingdom's human resources development in this area, he said.
Mr Parnpree said the Green Growth Strategy provides recommendations and measurement tools to support countries' efforts to achieve economic growth that is both environmentally and socially sustainable.
Prime Minister Srettha Thavisin will chair a committee set up to expedite efforts to join the OECD.