Costa Rica officially became the 38th member country of the Organization for Economic Cooperation and Development (OECD), the institution announced Tuesday in a statement.
“We are delighted to welcome Costa Rica into the OECD family at a time when multilateralism is more important than ever,” Secretary General Ángel Gurría was quoted as saying.
“Costa Rica will no doubt represent a new beacon for the OECD in the region.”
OECD member countries formally invited Costa Rica to join the organization in May 2020, after a five-year accession process.
The president of Costa Rica, Carlos Alvarado, had promulgated his country’s Accession Agreement to the OECD last Friday and the only thing left to do was to deposit the instrument of ratification at the French Embassy in San José.
“I am very pleased to welcome Costa Rica as the 38th member of the OECD,” said Antony Blinken, the U.S. Secretary of State. “The OECD is a unique forum of like-minded democracies dedicated to promoting our shared values and addressing our shared challenges.”
Costa Rica is the fourth Latin American nation to join the organization, based in Paris, after Mexico, Colombia and Chile.
Inclusion will allow a more efficient process to carry out reforms and promote a culture of constant improvement in public policies, according to the authorities.
Founded in 1961, the OECD is dedicated to promoting policies for economic and social well-being. Its member countries move 60% of world trade and represent 80% of global GDP.