OECD welcomes Colombia as 37th member

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OECD welcomes Colombia as 37th member

Paris-based Organization for Economic Cooperation and Development (OECD) has announced that Colombia has been officially accepted for membership following a 5-year application process.

The OECD, which was founded in 1960 with the objective of improving global economy, increasing investment, trade and "promoting socio-economic well-being," 

A statement on the orgnaisation's website said: "Colombia has valued the opportunity to discuss major policy issues and challenges in a multilateral context and to learn from the experiences of OECD countries facing similar challenges in many areas. In turn, this dialogue has enriched the OECD's knowledge and policy advice, and benefited OECD Members and non-OECD countries by enabling them to acquire a better understanding of Colombia."

Colombia has valued the opportunity to discuss major policy issues and challenges in a multilateral context and to learn from the experiences of OECD countries facing similar challenges in many areas."

"We will continue to support Colombia as a new member in order to further deliver on our joint quest to make OECD standards and policies count on a global scale which is today more important than ever," the statement added.

The OECD said Colombia had undertaken "major reforms to align its legislation, policies and practices to OECD standards." These reforms addressed labour issues, the justice system, corporate governance, anti-bribery and trade.

In a statement the foreign ministry of Colombia said: "From this Tuesday Colombia is a full member of this organization that boosts good practices and generates technical recommendations in different fields of public policies that impact on cooperation, development, growth and welfare in the countries."

Colombia has become the third Latin American country to join the OECD, following Mexico and Chile.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.