WASHINGTON – The U.S. Senate overwhelmingly passed
U.S. Senator Benjamin L. Cardin, D-MD bipartisan resolution in support of the accession of Israel to the Convention on Organization for Economic Co-operation and Development (OECD).
The OECD was founded in 1961 to stimulate economic progress and world trade. Based in Paris, the OECD has 30 member countries and serves as a consultative assembly for economic data and social policy. Its member countries account for two-thirds of the world's goods and services.
The OECD is considering expansion. Currently, Israel is one of the OECD's most active non-member countries. Internationally, Israel is counted as one of the world's foremost economic powers, and membership in the OECD would enhance Israel's status in the global market and within international financial institutions.
"Israel has one of the most dynamic economies in the world. It leads the world in research and development spending and is home to the largest hi-tech sector outside the Silicon Valley," said Senator Cardin. "I believe the accession of Israel to the OECD will benefit both Israel and the OECD."
Senator Norm Coleman, R-MN, also joined with Senator Cardin in introducing the resolution.