Sunday 2 October 2022

“We are the first Central American country to join the OECD! “, Announces Carlos Alvarado

Costa Rica has become the 38th OECD Member country (4th in Latin America). The process to join "the club" began in 2012.

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01 October 2022 - At The Banks - BCCR

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(QCOSTARICA) The 37 Organisation for Economic Co-operation and Development (OECD) countries approved the entry of Costa Rica, confirmed this morning President Carlos Alvarado.

“The OECD Secretary General, José Ángel Gurría, gave me great news: Costa Rica has been invited to be member 38. The 4th Latin country to join!” said the president.

OECD secretay-general Ángel Gurría (left) with Costa Rica President Carlos Alvarado in this file photo.

The other 3 Latin American member countries are: Chile (2010), Colombia (the OECD’s 37th Member country in 2020) and  Mexico (1994).

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“We completed an arduous path of an extraordinary country effort. I applaud the great work of the government team of former President Luis Guillermo Solís and former President Laura Chinchila who also did their best. We are the first Central American country to join the OECD!”, de added.

The president also thanked the work done by the ministries of Foreign Trade, Economy, Planning and the Legislative Assembly.

The incorporation process took five years. Costa Rica underwent examinations by 22 committees of that international organization.

Alvarado explained that now what remains are some procedures to formalize the entry.

According to the Casa Presidencial, “the incorporation will allow the country to participate in more than 300 committees and groups to decide on equal terms in the development of innovative solutions for common challenges, such as the emergency in the face of the covid-19, issues associated with climate change and the fourth industrial revolution, among others”.

The OECD is an international organization founded in 1961 whose purpose is to promote policies for social and economic well-being.

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This “club” of partner countries moves 60% of world trade, 80% of the planet’s gross domestic product and manages 75% of world foreign direct investment.

Joining the OECD is a rigorous process not only having to pass the 22 tests but because the unanimous vote of all the members is required to accept a new member.

Costa Rica’s path to the “club”

The Organisation for Economic Co-operation and Development (OECD)  – Spanish: Organización para la Cooperación y el Desarrollo Económicos (OCDE) –  is an intergovernmental economic organization with 37 member countries, founded in 1961 to stimulate economic progress and world trade.

It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members.

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Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.

As of 2017, the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP (US$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer.

In 1948, the OECD originated as the Organisation for European Economic Co-operation (OEEC). In 1961, the OEEC was reformed into the Organisation for Economic Co-operation and Development by the Convention on the Organisation for Economic Co-operation and Development and membership was extended to non-European states.

The OECD’s headquarters are at the Château de la Muette in Paris, France. The OECD is funded by contributions from member countries at varying rates and had a total budget of €386 million euros in 2019.

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