Costa Rica becomes OECD 38th Member Country

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By Caribbean News Global Caribbean News Global fav Costa Rica becomes OECD 38th Member Country

PARIS, France – Costa Rica formally become an Organisation for Economic Co-operation and Development (OECD) Member, the 38th country to do so in the Organisation’s 60-year history.

“Costa Rica has now completed its domestic procedures for ratification of the OECD Convention and deposited its instrument of accession. This brings to a successful conclusion an accession process that began in April 2015,” the Organisation reported Tuesday, May 25.

OECD secretary-general Angel Gurría said: “We are delighted to welcome Costa Rica into the OECD family at a time when multilateralism is more important than ever. We have been impressed that the cross-party commitment to OECD accession that we witnessed during the accession process continued into the ratification phase, despite the pandemic. 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 OECD reported that Costa Rica’s accession will extend the OECD’s membership to 38 countries. It will be the fourth Member country from the Latin America and Caribbean region to join following Mexico, Chile and Colombia.

“OECD Member countries formally invited Costa Rica to join the Organisation in May 2020, following a five-year accession process during which it underwent in-depth technical reviews by 22 OECD Committees and introduced major reforms to align its legislation, policies and practices to OECD standards. These spanned a wide range of policy areas and included a comprehensive reform of competition policy and enforcement, a redesign of the national statistics system, the introduction of criminal liability of legal persons for foreign bribery and the establishment of a register of shareholders to ensure tax transparency.”

Meanwhile, the US Department of State welcomed Costa Rica’s membership to the OECD, said: “The OECD is a unique forum of like-minded democracies dedicated to promoting our shared values and addressing our shared challenges.”

The press statement added: “Costa Rica’s membership follows an extensive multiyear effort to align its economic policies with OECD recommendations and is a strong signal of confidence in the Costa Rican economy. I commend Costa Rica for the rigor in tackling the various requirements for accession. Costa Rica has made great strides in curbing its fiscal deficit in this challenging COVID-19 context. I applaud its agreement with the International Monetary Fund and hope to see a national consensus to make the necessary reforms to fully implement the accord. I want to recognize Manuel Tovar, Costa Rica’s Permanent Representative to the OECD, for his dedication and commitment as Costa Rica, completed its accession process.

“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. 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.”

Secretary of State Antony J. Blinken will travel on June 1-2 to San José, Costa Rica, where he will engage with senior leaders from Central America, Mexico, and the Dominican Republic, as well as Costa Rican government officials and civil society.

“The Secretary will reinforce our cooperation on shared priorities, which also include promoting inclusive economic growth, combating the COVID-19 pandemic and recovering from its effects on our societies, and protecting livelihoods and the planet through environmental stewardship and action on climate change,” Department Spokesperson, Ned Price said in a press statement May 27.

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