On September 7, 2010, Israel has signed the OECD Convention and officially became a full member of the Organization. The accession to the OECD was a result of a long process extending over two decades and led by Prime Ministers, Ministers of Finance, Ministers of Foreign Affairs, Governors of the Bank of Israel, various Governmental Ministries and Agencies as well as Israel's Embassies in OECD Members States.
Israel's accession to the OECD is of strategic importance to the Israeli economy and to its positioning as an advanced developed economy. Israel's membership in the OECD contributes to the Israeli economy and society in several ways: promoting foreign investments, improving Israel's credit rating, full participation in the formulation of international standards in various fields (education, environment, telecommunications, corporate governance and etc.), implementation of legal instruments and standards and the connection to one of the world's leading research and knowledge centers The importance of joining the OECD is also reflected in Israel's contribution to the Organization and its Member States. Israel leads in providing solutions to global challenges in agriculture, water, energy, information and software technology. In addition, Israel contributes from its knowledge on taxation, innovation and R&D, statistical methods and more. Furthermore, as the only representative from the Middle East, Israel provides the OECD with a broader perspective on economic and social issues and different economic experience.
According to a government decision, a professional Steering Committee to the OECD was established, whose role is to formulate a policy on general issues concerning the work with the Organization as well as serve as a forum for consultation, updates and coordination regarding the current activities of Israel vis-a-vis the OECD. The Steering Committee is jointly headed by the Ministries of Finance and Foreign Affairs.