Costa Rica To Become the 38th Member of the OECD

Costa Rica's Parliament on Monday approved the Accession Agreement to the Organization for Economic Co-operation and Development (OECD).

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The Parliament also passed the OECD Convention in a vote of 40 lawmakers in favor and three against. President Carlos Alvarado must now sign the law to present the accession instrument to the organization's headquarters in France.

In May 2020, this Central American country received a formal invitation to join the OECD, after an accession process that lasted about five years and required the endorsement of 22 committees in economic, social, and political areas.

"The imminent entry is also a reflection of Costa Rica's commitment to multilateralism, of our desire to serve as a beacon of good practices for the Latin American region, and an opportunity to benefit from the OECD's efforts to achieve a post-COVID recovery that is inclusive, resilient, and sustainable," Foreign Trade Minister Andres Valenciano said.

The Central American Nation will become OECD 38th member and the fourth in Latin America, along with Chile, Mexico, and Colombia. 

This international organization advises on public policies, global standards, and norms in fields such as economic performance, job creation, education, and the fight against tax evasion.

Recently, the OECD made policy recommendations to Costa Rica related to public debt management, government efficiency, reduction of labor informality, and improvement of social security.