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As with OECD member countries, Israel shares the same attachment to the basic values of open market economy and democratic pluralism. Israel is willing and able to comply with the Organisation's disciplines and can provide greater mutual benefit by contributing to the work of subsidiary bodies. Israel is willing and capable of supporting OECD's instruments and participating in their formation and implementation. Israel has carried out far reaching economic reforms based on the OECD's recommendations with respect to taxes, labour, competition, capital markets, pension funds, infrastructures, communications, and transport. Israel ranks among the world's leading countries with respect to scientists, engineers, high-tech start-ups and R&D spending per capita. Whether in information technology industries, industrial biotechnology and knowledge-based agriculture, Israel can contribute to the�universal credibility and legitimacy of OECD decisions and recommendations. In March 1996, the Council of Ministers of the Organization for Economic Co-operation and Development (OECD) approved Israel�s request to participate in the Organization�s activities. Today, Israel actively participates and fully cooperates on more than fifty committees, working groups, networks, task forces and schemes, as a full participant, regular observer and an ad hoc observer. Israeli membership in the OECD will be an important step in the economy�s integration into the global economy as a developed and modern economy. On January 19, 2007 the IMF Executive Director for Israel published the following statement: "The economy�s high degree of development together with the authorities� commitment to maintain a market-based economy, good governance and democratic pluralism place Israel as a natural candidate for OECD membership."
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