(Bloomberg) -- The Organization for Economic Cooperation and Development on Tuesday said it would take up accession discussions with six countries including Brazil, Argentina and Peru who’ve applied for membership.
The three Latin American countries along with three from Eastern Europe -- Bulgaria, Croatia, and Romania -- will be scrutinized by more than 20 committees to assess whether the candidate states are “aligned with the standards, policies and practices” of the OECD, the Paris-based organization said in a statement.
“Candidate countries will be able to use the accession process to promote further reforms for the benefit of their people, while also strengthening the OECD as a like-minded community committed to a rules-based international order,” said OECD Secretary-General Mathias Cormann.
Currently, the OECD comprises 34 countries from Europe, North America, the Pacific Rim and Latin America, representing almost two-thirds of global economic output. As these nations must comply with international standards and reviews, they are seen as having the greatest potential to attract foreign investment.
Brazil’s bid for membership hit a patch of turbulence in 2020 when former Justice Minister Sergio Moro’s allegations that President Jair Bolsonaro had tried to intervene with federal police came to the attention of Drago Kos, chairman of the OECD’s anti-bribery group. He urged Brazilian officials to investigate, adding that “we have to be absolutely sure that Brazil is not going backward.”
Chile and Mexico are currently Latin America’s sole members of the OECD.
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