OECD Begins Discussions on Membership for Six Countries Including Brazil and Croatia

New Member Countries Must Be Approved by All Member States

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] The Organisation for Economic Co-operation and Development (OECD) is beginning to review the membership applications of Brazil, Argentina, Peru, Bulgaria, Croatia, and Romania.

On the 25th (local time), the OECD held a board meeting and announced that it would start discussions with the three South American countries and three Eastern European countries that have requested OECD membership.

In a statement released that day, the OECD explained, "We plan to closely examine whether these six countries meet the standards, policies, and practices set by the OECD." More than 20 technical committees will review a wide range of policies without a fixed deadline, including the level of trade and investment openness, the development of public governance, and efforts toward integrity and anti-corruption.

After the technical committee reviews are completed, all member countries must agree at the OECD board for a new member to be admitted.

The OECD, known as the "club of advanced countries" or "club of wealthy nations," has 38 member countries including South Korea, with Costa Rica from Central America being the most recent member to join.