Home Business United States Formalizes Brazil’s Entry Into the OECD

United States Formalizes Brazil’s Entry Into the OECD

US initiative gives more impetus to Brazilian candidacy. Bolsonaro posted on Twitter a message stating that US support is "a product of confidence in the new Brazil"

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The United States decided on Thursday (23) to formally support Brazil’s entry into the Organization for Economic Cooperation and Development (OECD). The official announcement of the support was given during the meeting of the organ in Paris. President Jair Bolsonaro posted on Twitter a message stating that US support is “a product of confidence in the new Brazil.”

“Today, all 36 members of the OECD support our entry, as a result of the confidence in the new Brazil that we are building, more free, open and fair,” said Bolsonaro

In Paris, Brazilian Foreign Minister Ernesto Araujo said that US support is “the main piece that was missing so that we can, as soon as possible, begin the process of joining the OECD.”

US support, according to Araujo, is “very important on this path for us to become full OECD members.” We have been counting on this since President Bolsonaro’s visit to the United States, President Trump has already secured his support very clearly.

Brazil leads the dispute

With US support, Brazil has become a strong candidate to become a full member of the organization. But in addition to Brazil, there are other candidates: Argentina, Romania, Croatia, Hungary and Bulgaria. Of these, Brazil is the one that is most advanced in the dispute, assuming the leadership over the others, having already adopted about 30% of the instruments demanded by the OECD.

To become a full member of the institution, Brazil will also depend on the approval of the following European countries: Austria, Belgium, Denmark, France, Greece, Iceland, Luxembourg, Norway, Netherlands, Portugal, United Kingdom, Sweden, Switzerland, Germany, Spain , Finland, Czech Republic, Poland, Slovakia, Slovenia, Estonia, Latvia and Lithuania. Outside Europe, besides the United States, Brazil will need the support of Australia, Canada, Japan, Israel, South Korea, Mexico, Chile and New Zealand.

The time required for a country to become a member of the OECD is 2 to 3 years. During this period, the candidate country will have to adapt all its legislation to the regulations of the OECD member nations. According to the Foreign Affairs, while Brazil still has to adapt some important legal provisions, on the other hand it has the advantage of having made progress in recent decades in laws on the consumer, on various economic fields and also on the consumer.

Benefits

The entry of a country into the group of nations that make up the OECD brings benefits in several sectors, especially in attracting investments. Economic and financial groups usually give priority to OECD member countries because they have already adapted their economic rules to the standard of competitiveness and technological innovation of the highly industrialized countries.