Jakarta. Indonesia is inching closer to becoming a full member of the OECD following a recent submission of a key document to the rich-country club.

Indonesia has been seeking a seat at the OECD -- short for Organization for Economic Cooperation and Development -- in its pursuit of becoming a high-income country. This group of advanced economies is known for its high standards and in-depth reviews on its candidate members, something that can benefit Jakarta's quest to propel economic growth. 

Chief Economic Minister Airlangga Hartarto is currently in Paris for an OECD-related visit. It was also during this trip that Airlangga submitted Indonesia's initial memorandum to OECD’s Secretary-General Mathias Cormann on Tuesday local time. 

In this document, Jakarta made a self-assessment of whether its policies and practices have aligned with the group’s standards and best practices. This marks the starting point of the OECD’s comprehensive technical reviews on Indonesia. Airlangga said that Indonesia was the first-ever Southeast Asian country to become a candidate member, gaining such status last year. The recent submission also made Indonesia the first Southeast Asian economy to submit the initial memorandum. 

“Secretary-General Cormann was very impressed with our teamwork and Indonesia’s commitment. I also told him that President Prabowo Subianto had committed to finishing this initial memorandum as soon as possible,” Airlangga was quoted as saying in a ministerial press statement.

In a separate statement, Cormann called Indonesia a “significant global player”.

“By taking these important steps today, Indonesia has sent a strong message to the international community of its commitment to align with and help shape international standards and best practices,” Cormann said. 

An in-depth technical dialogue will now begin with 25 expert committees. They will cover a wide range of policy issues, among others, on anti-corruption efforts, education, open trade, and investment.

The OECD does not set a fixed timetable for a country's accession procedure. Although Indonesia aims to be a full member by 2027, Cormann had previously said that Jakarta should take its time and focus more on “getting the reforms right” to meet the group’s criteria.

Indonesia needs the unanimous approval from all OECD members to be able to join. This is a 38-member group that encompasses countries such as the US, the UK, Switzerland, and Australia. Whenever he meets a leader of an OECD nation, President Prabowo usually asks them to back Indonesia’s candidacy. As a case in point, Prabowo did so when meeting with Australian Prime Minister Anthony Albanese a few weeks ago. Albanese promised Prabowo that Canberra would support Indonesia’s OECD bid.