The Organization for Economic Cooperation and Development (OECD) has announced that it has extended an invitation to Costa Rica to become the 38th member state of the organization. This would make Costa Rica, globally recognized as a country highly committed to sustainable development and the decarbonization of its economy by meeting the highest standards of developed countries, the fourth Latin American country to join the organization of developed economies.
Costa Rica’s President Carlos Alvarado proclaimed that “the country’s accession to the OECD is a milestone in the history of Costa Rica”, and highlighted the efforts of recent governments and the Legislative Assembly to achieve this. “We can show the world that our country is committed to the highest and most demanding international standards, that we can work together to transform our country and that we can inspire other nations to learn from our experience and good practices,” said the president.
The Minister of Foreign Trade and coordinator of the accession process, Dyalá Jiménez Figueres, acknowledged the work undertaken in recent years to achieve Costa Rica’s accession to the organization.
“Thanks to the dedicated work of an inter-institutional team made up of more than 40 ministries and institutions, and to the support and contributions of the private sector and civil society, for almost eight years now we have achieved very important structural reforms that will change the lives of Costa Rican families in the medium and long term,” she said.
Jorge Sequeira, Managing Director of the Costa Rican Investment Promotion Agency, CINDE, congratulated the country for achieving its accession and noted that “this is a further step towards firmly positioning Costa Rica in the knowledge-based economy and moving the country forward on the road to the fourth industrial revolution. Costa Rica proves once again to be up to date with current global demands, and that it stands out in Latin America for giving companies the opportunity to grow their businesses in an environmentally sustainable manner.”
Once the country is ratified as a member of the organization, Costa Rica has committed to continue improving in several areas, and the organization will follow up on the specific completion of action plans and implementation of reforms. Similarly, the country will continue to be subject to periodic reviews, as are the other OECD members. In addition, Costa Rica will be able to participate on equal footing in the more than 300 committees and working groups of the OECD that decide and influence the development of innovative solutions to common challenges, such as the Coronavirus COVID-19 Pandemic, climate change, global supply chains, and others.
Costa Rica is home to more than 300 multinational companies operating in the life sciences, services, advanced and light manufacturing and food industry sectors. With its accession, Costa Rica will join Mexico, Colombia and Chile as the only Latin American member countries of the exclusive multilateral organization.