Saturday 19 June 2021

Costa Rica officially becomes the 38th member of the OECD

More investment, jobs and better fiscal and environmental practices are benefits of joining the OECD

More investment, jobs and better fiscal and environmental practices are benefits of joining the OECD

QCOSTARICA – It was made official yesterday, Costa Rica has formally become the 38th member of the Organization for Economic Co-operation and Development (OECD), at the same time, it aroused the interest of Latin America in being part of the select group.

The Ambassador of France, Philippe Vinogradoff, received this Tuesday from the Vice Minister of Foreign Trade, Duayner Salas, the instrument of ratification of the Accession Agreement. With the immediate dispatch of the document to Paris – the headquarters city of the OECD- Costa Rica officially became part of the OECD. Photo: Courtesy.

Being part of the OECD, a greater attraction of investment and job creation is expected, in addition to the application of best fiscal, environmental and educational practices.

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“We are delighted to welcome Costa Rica into the OECD family at a time when multilateralism is more important than ever,” OECD Secretary-General Angel Gurria said in a statement. “This reflects the importance of working together for designing and implementing better policies, and Costa Rica will no doubt represent a new beacon for the OECD in the region.”

The process for Costa Rica to be part of the group began in April 2015 and will now be participating in discussions and work tables that allow the exchange of information between rich countries, in addition to promoting cooperation and development among themselves.

Costa Rica is the first country in the isthmus to be part of the OECD, founded in 1961 to create policies and international standards to solve social, economic, environmental and other challenges, and the fourth in Latin America, behind Mexico, Chile and Colombia.

“This historic milestone is only the beginning of the route of continuous improvement, accompanied by countries that have proven to do so effectively and with which aspirations for citizen-centered well-being are shared,” Costa Rica’s Minister of Foreign Trade Andres Valenciano said in a statement. “I have no doubt that the efforts and commitment that we have demonstrated as we advance on the reformist path will continue to be cornerstones to meet the challenges we face.”

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According to the office of President Carlos Alvarado, OECD membership opens the door to participation in more than 300 committees and working groups that will place Costa Rica on equal footing with other member countries.

“This will allow not only learning opportunities for San Jose but allow it to influence discussion for the establishment of global standards on such issues as taxation of the digital economy and climate change, among others,” he said.

“Once again, we show the world that Costa Rica aspires to excellence and to conquer challenges no matter how difficult they seem in search of greater prosperity for its population,” said Alvarado

In the United States, which is a OECD member, Secretary of State Antony Blinken congratulated Costa Rica on joining the group.

“Costa Rica’s accession comes at a timely moment in OECD history, as the organization celebrates its 60th anniversary and transitions to leadership under a new secretary general,” he said in a statement.

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As chair of this year’s 60th anniversary ministerial council meeting, I look forward to our increased partnership as OECD members focus on supporting a global economic recovery that builds back better and champions our shared values.”

What are the benefits of the OECD?

Attracting investment, increasing production and employment are part of the benefits that Costa Rica would have for being part of the OECD (according to the Ministry of Foreign Trade).

  • Access to the best public policy recommendations
  • Promote government transparency and efficiency Adopt international standards to improve competitiveness, attract investment, and increase production and employment
  • Collaborate in dealing with tax evasion and money laundering
  • Collaborate on global issues like climate change
  • Share best educational practices, and measure results by PISA exam

 

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FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

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