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. Last Updated: 07/27/2016

Kudrin Says OECD Ready for Russia

PARIS -- Finance Minister Alexei Kudrin said Friday that Russia was ready to take the first steps toward joining the Organization for Economic Cooperation and Development, and that the OECD's chief backed membership talks.

"We are ready to put the question of Russia joining the OECD. ... Today I got the approval from [OECD Secretary General Donald] Johnston to begin such steps," Kudrin told a media briefing in Paris.

Russia and the OECD, whose 30 member countries account for most of the world's wealth, have a longstanding cooperation, with Russia sitting on a number of OECD committees. They have professed the shared objective of Russia joining the group.

To join the OECD a country must be invited, and has to meet various requirements, such as demonstrating that it has a market economy, though there are no formal entry conditions.

Kudrin said the next step would be to discuss the issue with other countries, notably the seven major industrialized countries, and seek their support.

He added that before joining, Russia would have to prepare 160 documents needed for OECD membership.

The Paris-based OECD serves as a forum to discuss economic and social policies and releases regular economic reports.

OECD members have promised to pursue policies of economic growth and internal and external stability, among other things.