On May 15th the Government of Costa Rica announced an invitation by the Organization for Economic Cooperation and Development (OECD) to become its 38th member.
This invitation concludes a process started on July 8th, 2015 when the OECD Council approved the Costa Rican Accession Sheet to the organization, which entailed the technical evaluation of 22 Committees in different areas including investment, financial markets, insurance and education. Through this evaluation and feedback process, the Costa Rican government led by the Ministry of Foreign Trade (COMEX), had to demonstrate compliance with standards promoted by the organization and underwent several improvements to its public policies to validate its commitment to the objectives of the organization. Thus, in recent efforts to meet the necessary requirements to promote the accession, the Legislative Assembly approved amendments to the National Statistical System Act, the Organic Law of the Central Bank of Costa Rica, and the Law on the Free Zones Regime, among other laws.
Costa Rica's accession to the OECD opens the opportunity for the country to submit its public policies to ongoing assessments, and to benchmark its policies with international standards. There is also a potential benefit in the lure of Foreign Direct Investment as the OECD member status certifies minimum compliance with international standards in its public policies and a commitment for constant improvement.
Consequently, Costa Rica becomes the fourth Latin American country to join the OECD (Mexico, Chile and Colombia are the others) and thus joins a group of countries that bring together 75% of the world's Foreign Direct Investment, as well as 60% of world trade according to the organization's own statistics.