OECD considers membership of 3 Latin American countries

The Council of the Organization for Economic Cooperation and Development (OECD) announced on Tuesday that it had decided to discuss the admission of three Latin American countries – Argentina, Brazil and Peru -- into the bloc.

The OECD is a group of 37 member countries that discuss and develop economic and social policy and members are typically democratic countries that support free-market economies. 

In the statement, the OECD noted that access will only be granted “provided these countries confirm their adherence to the values, vision and priorities reflected in the OECD 60th Anniversary Vision Statement and the Ministerial Council Declaration adopted last year.”

The evaluation process is carried out by more than 20 technical committees in charge of overseeing that candidate countries comply with the organization's guidelines.

“As a result of these technical reviews, and prior to any invitation to join the organization as a member, changes in the legislation, policies and practices of candidate countries will be required to bring them in line with OECD standards and best practices, serving as well as a powerful catalyst for reforms,” the OECD board explained.

OECD “values” include the “preservation of individual liberty, the values of democracy, the rule of law and the protection of human rights, and the value of open, commercial, competitive, sustainable and transparent market economies, and care for the environment.”

OECD Secretary-General Mathias Cormann noted in a statement that, “OECD Members confirmed today that the OECD is an open, globally relevant and evolving organization.”

“OECD membership remains the most direct and effective way to ensure the adoption and dissemination of our shared values, principles and standards across the world”. He pointed out that “candidate countries will be able to use the accession process to promote further reforms for the benefit of their people, while also strengthening the OECD as a like-minded community committed to a rules-based international order,” he added.

Currently, Chile, Costa Rica, Colombia and Mexico are Latin America’s only OECD member countries.