Costa Rica’s Congress gave the go-ahead for the country’s entry into the Organization for Economic Cooperation and Development on Monday, the final step in formalizing its membership of the international forum.
The entry was approved by a majority, the Legislative Assembly reported, paving the way for the Central American country to become the 38th OECD member, and its fourth from Latin America along with Chile, Colombia and Mexico.
It is “a process that has involved an important reform of the state and that will allow us to participate in the best international standards of public policy,” Costa Rican President Carlos Alvarado said on Twitter.
“Working with this organization will continue to be a cornerstone for the sustainable and inclusive development of our country.”
Founded in 1961, the OECD is dedicated to promoting policies for economic and social well-being. Its member countries, including the United States and France, move 60 percent of world trade and represent 80 percent of global GDP.
Foreign Trade Minister Andres Valenciano said “being part of this select group of countries, we will be able to continue impacting the lives of all Costa Rican people.”
The country of 5.2 million formally expressed interest in joining the OECD in 2012.
Before joining, it had to adjust multiple laws related to trade, health, agriculture, education, science and technology, and public governance.
After meeting all the requirements, it was finally invited to join in May 2020, leaving Monday’s parliamentary approval as the final hurdle.