Israel talking with economics group

Israel is in talks to join the Organization for Economic Cooperation and Development. The OECD, which fosters free-market democracies, said Wednesday it had invited Israel and several other countries to enter membership talks. Israel hailed the overture as a nod to its recent economic progress. “This is a step that expresses confidence in the Israeli economy, in its strength and in its ability to develop,” Prime Minister Ehud Olmert said in a statement. “There is no doubt that the country will be able to enjoy additional investments from all over the world.” Negotiations are expected to take approximately 18 months, during which Israel will need to bring its economic regulations in line with those of the OECD.