In a highly fragmented world, Thailand's accession to the Organisation for Economic Cooperation Development (OECD) is more than just a diplomatic gesture -- it marks a transformative opportunity to accelerate structural reform and attract high-quality investment. Today, the 38 OECD member countries account for over 60% of global GDP and 75% of world trade, with over half of global energy consumption -- underscoring the bloc's strategic importance.
Thailand and Indonesia are the first Southeast Asian nations to launch a formal OECD accession process -- an effort described as "historic" by the OECD Secretary-General during the recent Southeast Asia Regional Forum in Bangkok, which drew nearly 300 high-level delegates. A clear consensus emerged: accession is a marathon, not a sprint. For Thailand, the journey toward full membership is just as vital as the destination.
Put simply, this is a national undertaking -- demanding long-term investment of time, resources, and political will. Thailand must pursue sweeping regulatory reforms and engage proactively on global priorities, from AI to the Green Transition.
With a target of full membership by 2030, the accession process offers a powerful pathway for Thailand to advance toward becoming a high-income country by 2037.
OECD membership isn't just about ticking boxes but unlocks access to peer learning and constructive pressure, both powerful drivers of meaningful reform. While the accession has garnered bipartisan support across the political spectrum, expectations must be managed with care.
Gains in governance, transparency, and policy coherence will enhance Thailand's global credibility, but for reforms to truly succeed, they must move at a pace that brings people along and ensures benefits are shared across the economy.
So, where are we now and more importantly, what is our roadmap ahead?
Let me first start with what has been done so far. Prime Minister Paetongtarn Shinawatra recently chaired Thailand's first National OECD committee meeting.
This is a crucial mechanism to move our plans forward -- the committee consists of stakeholders from ministries as well as representatives from the private sector.
Three important institutions -- the National Economic and Social Development Council (NESDC), the Ministry of Foreign Affairs and the Office of the Council of State -- wlill pursue policy alignment, manage global relations and review legislation, respectively.
Thailand is preparing the Initial Memorandum -- our self-assessment to identify gaps between existing legislation and OECD legal instruments. Targeted for completion by December 2025, this document will serve as the foundation for technical reviews and deeper dialogue with the OECD Secretariat.
A key milestone on the road ahead is aligning OECD objectives with Thailand's structural reform agenda to drive sustainable, green, and inclusive growth.
Thailand's economic strategy is firmly rooted in sustainable development -- aiming to attract investment that delivers real economic value, promotes social progress, and supports long-term resilience.
The government's effort to promote Bio-Circular-Green Economy and to advance AI innovation are key examples of enhancing quality investment. To achieve this, Thailand must ensure reform efforts are well-coordinated across government, guided by data and evidence, and responsive to emerging global trends.
Importantly, the private sector must be positioned as a strategic partner, where investment policy reforms are done with -- and not for -- them.
Beyond policy vision and implementation, sustained political will and a relentless focus on improving the ease of doing business are essential. One of the most critical steps in this direction is the reform of the Foreign Business Act 1999 (FBA).
The current law places restriction on foreign ownership in certain sectors and is increasingly viewed by investors and corporations as a constraint in today's fast-evolving economy.
Cabinet's recent approval, in principle, of proposed FBA amendments sends a strong signal: Thailand is ready to open high-potential sectors, such as clean energy, biotechnology, tech startups, and digital services, to greater international collaboration and investment.
Reforming the FBA is only one part of a broader effort to pursue legal reform for business facilitation. Other interventions like development of a central licensing system to free trade negotiations toward liberalisation of high-value services sectors will help to create a more open, competitive and future-ready investment environment -- aligned with global standards and investor expectations.
Amid global challenges eroding trust in institutions and rule-based trade, Thailand's OECD accession is both timely and consequential -- a "natural progression," as one senior Thai diplomat put it.
This alignment brings mutual benefit: Thailand reaffirms its commitment to the shared values of democracy, the rule of law and open, transparent markets -- while the OECD gains a strategic partner bridging advanced and emerging economies to drive regional growth.
Seeing is believing -- and this is Thailand's moment to turn ambition into action. In a world shaped by disruption, we must not waste a good crisis. OECD accession is more than a formality; it is a litmus test of our credibility, our willingness to pursue collaborative reform, and our resolve to lead with purpose.
Werapong Prapha is Thailand Trade Representative.