OECD begins talks with Argentina, Brazil and Peru for their incorporation

January 25, 2022

FILE PHOTO-OECD Secretary-General Angel Gurria speaks during a ceremony marking the 60th anniversary of the creation of the Organization for Economic Co-operation and Development (OECD), at its headquarters in Paris, France. December 14, 2020. Martin Bureau/via REUTERS

By Marcela Ayres and Lisandra Paraguassu

BRASILIA, Jan 25 (Reuters) – The Organization for Economic Co-operation and Development (OECD) said on Tuesday it had started talks to allow Brazil, Argentina, Peru, Romania, Bulgaria and Croatia to join the club of rich nations.

The OECD, which currently has 38 members, said there was no deadline for each country to enter the forum, and that their progress would depend on adhering to the organization’s best practices, while facing evaluation by the OECD. of more than 20 committees.

A Brazilian source, who spoke on condition of anonymity, said the average time to enter the Paris-based body at the moment was three to five years.

Brazil’s economy ministry was not immediately available for comment. The news was first published by the Brazilian newspaper Valor.

Brazil has been waiting for years to join the forum of democratic countries with solid market economies. Chile, Mexico, Colombia and Costa Rica are the only Latin American nations that have managed to enter.

In October, Brazilian Economy Minister Paulo Guedes said he hoped the United States would continue to support his country’s bid to join the group.

Brazil has held out hope that joining the OECD will boost investor confidence as it battles high inflation and unemployment, as well as the lingering impact of the world’s deadliest coronavirus outbreak outside the United States.

From Lima, the government of leftist President Pedro Castillo celebrated the decision, according to a tweet from the Foreign Ministry citing Foreign Minister Oscar Maúrtua.

“This is a historic event for the country because it recognizes the efforts made over the years to implement the standards and good practices required by the Organization for Economic Cooperation and Development and that will directly benefit our citizens,” the ministry said.

Peru, the world’s second-largest producer of copper, has posted some of the highest economic growth in Latin America in recent decades, but is still struggling to reduce poverty.

(Reporting by Lisandra Paraguassu and Marcela Ayres, additional reporting by Marco Aquino from Lima; written by Carolina Pulice. Edited in Spanish by Carlos Serrano)