Since early 2010, Costa Rica began an interinstitutional coordination process, led by the Ministry of Foreign Trade, focused on becoming part of the OECD. In 2013, the country expressed formal interest in becoming a member of the organization, which led to a formal invitation to begin the accession process in April of 2015. During the next two years Costa Rica will be evaluated in 22 areas (e.g. Taxes, Competition, Anticorruption) by the organizations committees through accession reviews. This process is expected to end in 2018 with the approval of the final accession protocol.
What is the OECD and how it works?
The Organization for Economic Co-operation and Development´s mission is to promote policies aimed at improving economic and social well-being of people around the world. It was founded in 1961 and has 34 member countries. It has been called “The Club of Rich Countries” because its members represent 70% of the world market. To become a member, countries must be invited. It also promotes a model of inclusive economic growth respectful with the environment, and seeks a more efficient and transparent Government.
The challenges Costa Rica faces?
Costa Rica faces multiple challenges during the accession plan; these challenges are related to three main areas: adjusting regulations to ensure OECD standards, improved public policies to have a more efficient public expenditure and adjusting – improving indicators to OCDE´s standards.