Reports in Jerusalem suggest that an agreement has been reached with the Organization for Economic Cooperation and Development to allow Israel to become a member by 2010. Israel's admission as a full member of the Organization for Economic Cooperation and Development will take longer than previously expected.



The agreement was secured in a meeting in Paris last week between Israeli Finance Minister Yuval Steinitz and OECD Secretary-General Angel Gurria.



It is understood that the OECD is expected to release a full financial review of the Israeli market in November, an important step towards granting Israel full membership.



Israel is currently participating in about 20 OECD committees dealing with specific policy issues that will help determine whether Israel is 100% fit for membership by assessing its willingness and ability to become a member.



The spokesman said that some of the committee work on Israel has been completed and some has yet to begin.



The OECD launched membership talks with Israel, Chile, Estonia, Slovenia and Russia in January of 2008 in a bid to expand to emerging market nations and broaden its perspective and consolidate its role as a source of policy solutions.