On 28 April 2020, Colombia officially became an OECD Member - the 37th country to do so in the Organisation’s near 60-year history.
Colombia is the third country from the Latin America and Caribbean region to join following Mexico and Chile.
1. Global confidence
According to many experts, the key benefit of OECD membership for countries is the formal recognition - being a member increases the level of confidence among investors and the global community as members align legislation, policies and practices to OECD standards. Membership alone provides Colombia with a stamp of approval & seal of trust for international businesses and foreign direct investment (FDI). In addition, with public policies of the country in line with international standards bilateral & multilateral relations & trade agreements become easier.
2. Economy routinely & rigorously tracked
Being a member also ensures that Colombia’s economic trajectory — as well as many social, environmental, and other metrics — are more routinely and rigorously tracked by a wide range of reports and studies. Such data can be valuable for not just investors but those creating government policy, leading to important reforms to improve the well-being of its citizens. With continuous assessment and monitoring, the OECD can provide trustworthy data and statistics - academic and public political analysis may be carried out, enabling better research and the establishment of goals & targets to improve for the future.
3. Improve well-being of citizens
Beyond the technical aspects, the membership process served as a catalyst for Colombia to proceed to important reforms to improve the well-being of its citizens, such as the reduction of the informal labour market, improving the quality of education and apprenticeship training as well as the sustainability of the health system for the long-term.
4. Improving diversity of the organisation
The OECD was founded in 1961 and grew out of the Organisation for European Economic Cooperation which was set up in 1948. Known as a ‘rich nations club’ and an organization that has a strong emphasis on the free market, balanced finances and macroeconomic equilibrium, the accession of Colombia will contribute to efforts by existing member's to transform the OECD into a more inclusive and diverse institution. The OECD should not just be considered a group of high-income nations, but a group of like-minded countries that apply best practices in the fields of public policy and business.
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This blog post was written & published by Intern Colombia on 28 April 2021
Sources:
https://www.oecd.org/newsroom/global-oecd-welcomes-colombia-as-its-37th-member.htm
http://www.oecd.org/colombia/colombia-accession-to-the-oecd.htm
https://www.economist.com/the-economist-explains/2017/07/05/what-is-the-oecd
https://www.thedialogue.org/analysis/do-latin-american-members-benefit-from-the-oecd/
https://www.financecolombia.com/joining-the-big-league-colombia-admitted-to-oecd-after-years-trying-to-join-economic-club/
https://unperiodico.unal.edu.co/pages/detail/the-challenges-of-colombia-as-a-new-member-of-the-oecd/
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