Luca Niculescu announces that Romania has practically completed the OECD accession process, with benefits for investment and jobs

Romania is the first of the eight candidate countries to have practically completed the accession process to the Organisation for Economic Co-operation and Development (OECD), Luca Niculescu said Thursday evening on Antena 3 CNN. He did not provide an exact timeline for obtaining membership status, but estimated that this could happen in the coming months.

Niculescu said that six of the candidate countries began the accession process at the same time as Romania. According to him, joining the OECD was a national objective supported by all political parties, despite internal disputes.

The main economic advantage cited is access to international funds and capital. Niculescu argued that some of the world’s largest investment funds can invest only in member states of the organisation. He said that the head of a major Romanian bank had told him that, after accession, the institution could gain access to funds ten times larger than those currently available.

A preliminary report by the National Bank could indicate a possible annual surplus of 0.8-1% of gross domestic product. Niculescu also said that additional investment could create jobs and help improve the functioning of public institutions by drawing on the experience of member states. Romania would take part at the same table as economies such as the United States, Canada, Japan and Australia.