South Africa: Country Inches Closer to Joining World's Free-Market Club
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Business Day (Johannesburg)
7 July 2008
Posted to the web 7 July 2008
Mariam Isa
Johannesburg
THE Organisation for Economic Co-operation and Development (OECD) will present its first report on SA's economy next week, a step which may take the country closer to becoming part of the 30-member group.
Treasury director-general Lesetja Kganyago told Business Day no decision had yet been taken on whether to join the organisation, but SA was considering taking the step at some point in the future.
"What we decided last year was to go for something called enhanced engagement. We have not made a call on whether to join," he said.
"There are benefits to being in the OECD, including that the risk weighting for our debt would be lower. But there are many other things, including obligations, and we need to study these before we make a decision as a country."
Four emerging economies -- Mexico, Poland, Turkey and Korea -- are already part of the Paris-based organisation, which backs the principles of representative democracy and free-market economies.
Last year the OECD started membership negotiations with Russia, Israel, Chile, Slovenia and Estonia. At the same time, Brazil, China, India, Indonesia and SA decided to enhance their ties with the organisation.
"Our ministerial council decided it would strengthen ties with these five emerging countries with a view to possible membership," said Jan Schuijer, a counsellor at the OECD's centre for co-operation with non-members. "It's an invitation to these countries to be integrated into the regular work programme of the OECD. They will be examined in peer reviews, like the economic surveys and assessments."
There was no set timetable if SA should decide to become a member but in the past the process had taken about two years, Schuijer said.
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"SA must decide whether it wants to join. The present leadership seems keen and there's no indication that it may be different for a future government," he said.
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