During the event celebrating 200 days of his administration Thursday (Jul 18), Brazilian President Jair Bolsonaro signed the decree creating the council to spearhead the admission process of Brazil to the Organization for Economic Cooperation and Development (OECD). Its leaders will be in charge of the country’s preparation strategy, the steps towards becoming a member, and communication policies.
The group will be made up of the president’s Chief of Staff Onyx Lorenzoni as coordinator, Foreign Minister Ernesto Araújo, Economy Minister Paulo Guedes, and the head of the president’s Secretariat-General, General Eduardo Ramos.
Brazil in the lead
Officially backed by the US, Brazil has become a strong candidate to become a full member of the organization. Also running are Argentina, Romania, Croatia, Hungary, and Bulgaria. Brazil is by far the most promising hopeful, with around 30 percent of OECD requirements already met.
To join the institution, Brazil still depends on the approval of the following European countries: Austria, Belgium, Denmark, France, Greece, Iceland, Luxembourg, Norway, the Netherlands, Portugal, the UK, Sweden, Switzerland, Germany, Spain, Finland, Czech Republic, Poland, Slovakia, Slovenia, Estonia, Latvia, and Lithuania. Outside of Europe, in addition to the United States, Brazil will need the support of Australia, Canada, Japan, Israel, South Korea, Mexico, Chile, and New Zealand.
The necessary time for a country to become an OECD member is two to three years. During this period, the country must adapt all of its legislation to the organization’s rules. “We are starting to work on the OECD governance standards since the transition,” Lorenzoni said in his address at the ceremony.
Joining the OECD brings benefits to a number of sectors, especially investment attraction. Economic and financial groups usually give OECD member countries priority treatment as they have brought economic regulations on a par with the standards of competitiveness and technological innovation particular to highly industrialized nations.