Colombia, Costa Rica flirt with OECD membership
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4th June 2013

The group extended invitations to both countries this week, but formal adhesion will require a large effort and will take many years.
At its meeting in Paris this week, the Organization for Economic Cooperation and Development (OECD) announced that it would consider applications for the entry of Colombia and Costa Rica into the body, the first time it announced an expansion since 2007. That group of 34 countries currently comprises some of the most advanced economies in the world that share a common commitment to liberal democracy and market principles, and counts among its members countries such as the United States, Germany, France, Japan, and Australia; membership is often considered synonymous with developed country status.
In addition to the founding members of Western Europe and North America, the group also includes a number of emerging markets such as South Korea and Turkey, and the group’s only two Latin American members, Chile and Mexico. As such, if admitted, Colombia and Costa Rica would become the third and fourth Latin American members of the OECD.
Beyond prestige, membership in the organization confers a number of benefits. Globally, membership is often seen as a “seal of approval” of a country’s stability and investor-friendliness on global markets, improving a country’s reputation and opening new potential markets. Member countries can also compare successful policy experiences, seek answers to common problems, and identify best practices. They can …

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